{"id":2908,"date":"2009-07-14T10:51:47","date_gmt":"2009-07-14T15:51:47","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=2908"},"modified":"2009-07-14T10:51:47","modified_gmt":"2009-07-14T15:51:47","slug":"gold-pops-with-us-equities","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/07\/14\/gold-pops-with-us-equities\/","title":{"rendered":"Gold Pops with U.S. Equities"},"content":{"rendered":"

By Fast Brokers<\/span> – Gold got a nice pop yesterday with the S&P futures running back towards their psychological 900 level.\u00a0 Gold managed to build some space between price and its own $900\/oz psychological level in the process.\u00a0 The precious metal skipped past what are now our 2nd tier and 3rd tier uptrend lines, and the rally appears to be buckling beneath July 7th highs.\u00a0 Yesterday\u2019s movement higher came on standard volume, telling us it was likely not a technical breakout.\u00a0 There are many new downtrend lines we can construct above present price, including our fresh 4th tier downtrend line.\u00a0 Even if gold\u2019s present rally should continue, the precious metal still has to deal with July 7th highs, July 1st highs, and the psychological $950\/oz level.\u00a0 Therefore, we are not sold on the uptrend, although space between price and $900\/oz is certainly comforting.\u00a0 Meanwhile, we are discussing the S&P and 900 again with crude hovering around $60\/bbl.\u00a0 Therefore, gold is in an identity crisis along with the rest of the market.\u00a0 We are sitting a neutral position until we witness a convincing move directionally.<\/p>\n

Present Price: $924.35\/oz<\/p>\n

Resistances: $925.79\/oz, $927.14\/oz, $929.00\/oz, $930.18\/oz, $934.22\/oz<\/p>\n

Supports: $922.59\/oz, $920.57\/oz, $918.88\/oz, $917.20\/oz, $915.34\/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 got a nice pop yesterday with the S&P futures running back towards their psychological 900 level.\u00a0 Gold managed to build some space between price and its own $900\/oz psychological level in the process.\u00a0 The precious metal skipped past what are now our 2nd tier and 3rd tier uptrend lines, and … <\/p>\n

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