{"id":2730,"date":"2009-06-29T11:05:31","date_gmt":"2009-06-29T16:05:31","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=2730"},"modified":"2009-06-29T11:05:31","modified_gmt":"2009-06-29T16:05:31","slug":"gold-consolidates-as-investors-await-global-data","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/06\/29\/gold-consolidates-as-investors-await-global-data\/","title":{"rendered":"Gold Consolidates as Investors Await Global Data"},"content":{"rendered":"

By Fast Brokers<\/strong> – Gold is following the consolidation of the Dollar and U.S. equities while ignoring the pop in crude.\u00a0 The precious metal seems range bound for the immediate-term as investors await the heavily-weighted economic data coming later in the week.\u00a0 Gold has logged larger volume on its down-bars than up-bars on the 1-hour during its upswing beginning dating 6\/23, while volume on the 4-hour has been rather tame.\u00a0 Therefore, the present upturn of gold has been limited to a sub-$950\/oz reality.\u00a0 As a result, the near-term momentum is tilted in favor of the bears as the GBP\/USD and EUR\/USD fight near-term downtrends of their own.\u00a0 The overall behavior of gold reflects that of the market as a whole with investors uncertain whether to bank on a global economic recovery or a new leg down.\u00a0 We expect volatility to pick-up beginning late Tuesday\/Wednesday with key unemployment, housing, and manufacturing data pouring in from around the globe along.\u00a0 Additionally, the ECB will make a monetary policy decision on Thursday.\u00a0 Hence, while gold may be subdued for the immediate-term, investors shouldn\u2019t get too complacent.\u00a0 The near-term key for gold to the downside will be holding 6\/15 and 6\/16 lows.\u00a0 Important near-term barriers to the upside are our 1st and 2nd tier downtrend lines along with 6\/26 highs.<\/p>\n

Present Price: $935.60\/oz<\/p>\n

Resistances: $936.01\/oz, $939.02\/oz, $941.85\/oz, $943.88\/oz, $945.75\/oz<\/p>\n

Supports: $932.48\/oz, $929.77\/oz, $927.98\/oz, $$925.24\/oz, $923.59\/oz<\/p>\n

Psychological: $900\/oz, $950\/oz<\/p>\n

\"\"<\/a><\/p>\n

Market Commentary<\/strong><\/em> provided by Fast Brokers<\/strong><\/span><\/a>.<\/p>\n

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

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":"

By Fast Brokers – Gold is following the consolidation of the Dollar and U.S. equities while ignoring the pop in crude.\u00a0 The precious metal seems range bound for the immediate-term as investors await the heavily-weighted economic data coming later in the week.\u00a0 Gold has logged larger volume on its down-bars than up-bars on the 1-hour … <\/p>\n

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