{"id":2617,"date":"2009-06-23T10:41:36","date_gmt":"2009-06-23T15:41:36","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=2617"},"modified":"2009-06-23T10:41:36","modified_gmt":"2009-06-23T15:41:36","slug":"gold-bottoms-out-on-weak-volume","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/06\/23\/gold-bottoms-out-on-weak-volume\/","title":{"rendered":"Gold Bottoms-Out on Weak Volume"},"content":{"rendered":"<p><strong>By Fast Brokers<\/strong> &#8211; Gold is fighting back from Monday lows, which almost saw a retest of the psychological $900\/oz level.\u00a0 However, volume to the upside has been weak, indicating bulls don\u2019t feel too confident about the near-term future of the precious metal.\u00a0 We view yesterday\u2019s pullback as a significant movement since it occurred at the collision point of two important uptrend lines.\u00a0 Therefore, it seems a retest of $900\/oz is imminent.\u00a0 Investors should keep an eye on U.S. equities.\u00a0 Gold may take its cue from the behavior of the S&amp;P futures since the precious metal is heading towards a highly psychological zone.\u00a0 If the S&amp;P futures can\u2019t hold onto their own psychological 900 level, then gold may find the momentum to head south of $900\/oz due to their positive correlation.\u00a0 Encouragingly, the Dollar is depreciating across the board right now, which is normally positive for gold.\u00a0 We maintain our negative near-term outlook on gold due to the aforementioned analysis.<\/p>\n<p>Present Price: $922.40\/oz<\/p>\n<p>Resistances: $923.96\/oz, $927.40\/oz, $931.41\/oz, $935.62\/oz, $939.82\/oz<\/p>\n<p>Supports: $920.95\/oz, $917.49\/oz, $914.99\/oz, $911.14\/oz, $908.25\/oz<\/p>\n<p>Psychological: $950\/oz, $900\/oz<\/p>\n<p><a href=\"http:\/\/fastbrokers.net\/news\/image\/6_23gold.gif\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/fastbrokers.net\/news\/image\/6_23gold.gif\" alt=\"\" width=\"595\" height=\"500\" \/><\/a><\/p>\n<p><em><strong>Market Commentary<\/strong><\/em> provided by <a href=\"http:\/\/www.fastbrokers.com\/index.php?PL080\" target=\"_blank\"><span style=\"text-decoration: underline;\"><strong>Fast Brokers<\/strong><\/span><\/a>.<\/p>\n<p><strong>Disclaimer:<\/strong> FastBrokers\u2019 market commentary is provided for information purposes only and under no circumstances should be regardedneither as an investment advice nor as a solicitation or an offer to sell\/buy any financial product. FastBrokers assumes no responsibility or liability from gains or losses incurred by the information herein contained.<\/p>\n<p><strong>Risk Disclosure:<\/strong> There is a substantial risk of loss in trading futures and foreign exchange. Please carefully review all risk disclosure documents before opening an account as these financial instruments are not appropriate for all investors.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Fast Brokers &#8211; Gold is fighting back from Monday lows, which almost saw a retest of the psychological $900\/oz level.\u00a0 However, volume to the upside has been weak, indicating bulls don\u2019t feel too confident about the near-term future of the precious metal.\u00a0 We view yesterday\u2019s pullback as a significant movement since it occurred at &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/fx\/2009\/06\/23\/gold-bottoms-out-on-weak-volume\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Gold Bottoms-Out on Weak Volume&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-2617","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/2617","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=2617"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/2617\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=2617"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=2617"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=2617"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}