{"id":3123,"date":"2009-07-29T11:18:15","date_gmt":"2009-07-29T16:18:15","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=3123"},"modified":"2009-07-29T11:18:15","modified_gmt":"2009-07-29T16:18:15","slug":"gold-adds-onto-yesterdays-swift-selloff","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/07\/29\/gold-adds-onto-yesterdays-swift-selloff\/","title":{"rendered":"Gold Adds onto Yesterday\u2019s Swift Selloff"},"content":{"rendered":"

By Fast Brokers<\/strong> – Gold is at it again Wednesday, following through on gold\u2019s technical selloff on Tuesday.\u00a0 The precious metal has dropped below the safety of the bottom end of the 7\/15-7\/20 trading range.\u00a0 Gold continues to drop faster than the Dollar appreciates while crude finally tags along to the downside.\u00a0 The size of gold\u2019s pullback is incredible, and we still haven\u2019t found the driving force.\u00a0 Many analysts are attributing gold\u2019s decline to the Dollar\u2019s appreciation.\u00a0 However, we believe it\u2019s the other way around.\u00a0 Losses in gold are exacerbating the appreciation of the greenback.\u00a0 Furthermore, we speculate the size of gold\u2019s selloff without probable cause may imply a shift in governmental reserves.\u00a0 China may be opting to support record U.S. debt auctions instead of buying up precious metals after a productive meeting in D.C.\u00a0 Again, this is purely speculation, yet we do believe there is a relevant story taking shape behind the scenes.<\/p>\n

While gold may attempt to stabilize from present levels again today, the precious metal is at another important juncture.\u00a0 June 15th lows could play an important role in defending gold from an even larger retracement towards our 1st tier uptrend line.\u00a0 We view our 1st tier uptrend line as the last line of defense for the medium-term uptrend.\u00a0 A break below our 1st tier uptrend line would ultimately lead to a retest of the highly psychological $900\/oz level.\u00a0 However, the trend line is far away, providing gold the opportunity to form a new base around our new 2nd and 3rd tier uptrend lines.\u00a0 The fact gold is made this pullback with U.S. equities is both odd and disconcerting.\u00a0 For if the S&P futures should decide to join the party, gold may be forced even lower due to their positive correlation.\u00a0 While immediate-term momentum is to the downside, it remains to be seen whether this is just a setback for the medium-term uptrend or the beginning of a larger leg down.<\/p>\n

Present Price: $925.75\/oz<\/p>\n

Resistances: $927.54\/oz, $928.87\/oz, $931.22\/oz, $932.76\/oz, $933.78\/oz<\/p>\n

Supports: $925.71\/oz, $923.28\/oz, $922.30\/oz, $920.36\/oz, $918.25\/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 at it again Wednesday, following through on gold\u2019s technical selloff on Tuesday.\u00a0 The precious metal has dropped below the safety of the bottom end of the 7\/15-7\/20 trading range.\u00a0 Gold continues to drop faster than the Dollar appreciates while crude finally tags along to the downside.\u00a0 The size of … <\/p>\n

Continue reading “Gold Adds onto Yesterday\u2019s Swift Selloff”<\/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-3123","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3123","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=3123"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3123\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=3123"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=3123"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=3123"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}