{"id":2893,"date":"2009-07-13T10:26:35","date_gmt":"2009-07-13T15:26:35","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=2893"},"modified":"2009-07-13T10:26:35","modified_gmt":"2009-07-13T15:26:35","slug":"gold-bounces-after-heavy-losses-2","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/07\/13\/gold-bounces-after-heavy-losses-2\/","title":{"rendered":"Gold Bounces after Heavy Losses"},"content":{"rendered":"

By Fast Brokers<\/span> – Gold is bouncing between our 2nd tier uptrend and 3rd tier downtrend lines as volume continues to wane after July 8th\u2019s large pullback.\u00a0 We haven\u2019t noticed any considerable volume on the buy-side since, telling us the bears are still in the driver\u2019s seat.\u00a0 However, the precious metal is hesitating as it flirts with the concept of retesting the psychological $900\/oz area.\u00a0 Considering $900\/oz is a critical level psychologically, the $890-$900\/oz zone should prove to be a tough near-term battle-zone should it be breached.\u00a0 Meanwhile, all eyes are on the S&P futures and their ability to stay above May 18 lows with investors eagerly awaiting the heat of the 2nd quarter earnings season.\u00a0 Additionally, crude is wrestling with its own psychological $58-$60\/bbl zone.\u00a0 Considering gold is positive correlated with both the S&P and crude futures, all three invest investment vehicles are sending a clear message that the overall market is at a psychological pivot point.\u00a0 Though present momentum remains to the downside, a surprisingly positive earnings season could turn the tide.\u00a0 On the other hand, a disappointing earnings season would only exacerbate the downward pressure on price and likely knock out gold\u2019s $900\/oz psychological level.\u00a0 With gold getting squeezed between our 2nd tier uptrend and 3rd tier downtrend lines, something\u2019s gotta give.\u00a0 If the 2nd tier uptrend line gives way, a retest of $900\/oz become much more likely.<\/p>\n

Present Price: $909.15\/oz<\/p>\n

Resistances: $910.84\/oz, $914\/25\/oz, $915.61\/oz, $918.49\/oz, $920.02\/oz<\/p>\n

Supports: $908.58\/oz, $906.34\/oz, $903.72\/oz, $901.58\/oz, $900.08\/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 is bouncing between our 2nd tier uptrend and 3rd tier downtrend lines as volume continues to wane after July 8th\u2019s large pullback.\u00a0 We haven\u2019t noticed any considerable volume on the buy-side since, telling us the bears are still in the driver\u2019s seat.\u00a0 However, the precious metal is hesitating as it … <\/p>\n

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