{"id":2869,"date":"2009-07-09T10:26:46","date_gmt":"2009-07-09T15:26:46","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=2869"},"modified":"2009-07-09T10:26:46","modified_gmt":"2009-07-09T15:26:46","slug":"gold-bounces-after-heavy-losses","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/07\/09\/gold-bounces-after-heavy-losses\/","title":{"rendered":"Gold Bounces after Heavy Losses"},"content":{"rendered":"

By Fast Brokers<\/strong> – Gold has bounced from our 1st tier uptrend line and is battling with our 2nd tier downtrend line as we type.\u00a0 Gold managed to avoid a test of the psychological $900\/oz level, and is strengthening on better than expected earnings from Alcoa coupled with an encouraging decline in weekly unemployment claims.\u00a0 However, gold\u2019s pullback yesterday came on a large spike in volume compared to the relative calm of previous trading sessions.\u00a0 Additionally, we have yet to see any substantial volume to the upside today.\u00a0 Therefore, there remains considerable downward pressure on price with bears outnumbering bulls.\u00a0 We believe yesterday\u2019s pullback in gold could have been a trend-setting statement with the precious metal tumbling beneath June lows.\u00a0 Ultimately, the fate of gold rests upon its positive correlation with U.S. equities.\u00a0 Should the S&P futures give into their downtrend, we would likely see a corresponding contraction in Gold.\u00a0 On the other hand, gold has the highly psychological $900\/oz level to rely upon for near-term support.\u00a0 Additionally, we believe the $890-$990\/oz zone would prove to be a worthy defense to the downside should the area be breached.\u00a0 In the meantime, investors should keep a close eye on volume and gold\u2019s interaction with our 2nd tier downtrend and 1st tier uptrend lines.<\/p>\n

Present Price: $915.40\/oz<\/p>\n

Resistances: $916.27\/oz, $919.59\/oz, $922.80\/oz, $925.27\/oz, $927.01\/oz<\/p>\n

Supports: $913.93\/oz, $911.42\/oz, $909.57\/oz, $906.34\/oz, $904.77\/oz<\/p>\n

Psychological: $900\/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 has bounced from our 1st tier uptrend line and is battling with our 2nd tier downtrend line as we type.\u00a0 Gold managed to avoid a test of the psychological $900\/oz level, and is strengthening on better than expected earnings from Alcoa coupled with an encouraging decline in weekly unemployment claims.\u00a0 … <\/p>\n

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