{"id":3231,"date":"2009-08-06T10:31:58","date_gmt":"2009-08-06T15:31:58","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=3231"},"modified":"2009-08-06T10:31:58","modified_gmt":"2009-08-06T15:31:58","slug":"gold-jogs-between-our-trend-lines-amid-the-greenbacks-appreciation","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/08\/06\/gold-jogs-between-our-trend-lines-amid-the-greenbacks-appreciation\/","title":{"rendered":"Gold Jogs Between our Trend Lines Amid the Greenback\u2019s Appreciation"},"content":{"rendered":"

By Fast Brokers<\/strong> – Gold is bouncing between our 2nd and 3rd tier downtrend lines as the Dollar appreciates across the board.\u00a0 Investors are reacting to the BOE\u2019s decision to administer a monetary shock by injecting another $84 billion into its QE package.\u00a0 The GBP\/USD is under considerable pressure, hampering any excitement over lower than expected weekly Unemployment Claims.\u00a0 Meanwhile, the S&P futures continue to battle with their highly psychological 1000 level.\u00a0 It appears bulls may be running low on energy, implying consolidation in gold is the result of overbought conditions.\u00a0 We wouldn\u2019t be surprised to see the precious metal continue its consolidation as the S&P deals with 1000.\u00a0 The bulls have been on a huge run lately, so it\u2019s only healthy that the markets experience some profit taking and consolidation.\u00a0 Regardless, momentum is clearly in favor of the uptrend since economic data continues to outperform while 2nd quarter earnings season has exceeded expectations.<\/p>\n

Meanwhile, gold is trading back above August 3rd highs with the psychological $950\/oz level far out of reach.\u00a0 However, if the precious metal can\u2019t hold our 2nd tier downtrend line, it may defect towards our 1st tier downtrend line and our bottom-end support.\u00a0 As for the topside, gold\u2019s immediate barriers are our 3rd tier downtrend line and Tuesday\u2019s highs.\u00a0 If the precious metal can get above these two obstacles, gold could accelerate towards $980\/oz.<\/p>\n

Present Price: $966.90\/oz<\/p>\n

Resistances: $966.91\/oz, $968.60\/oz, $970.04\/oz, $971.44\/oz, $972.83\/oz<\/p>\n

Supports: $965.26\/oz, $963.81\/oz, $962.24\/oz, $961.00\/oz, $959.34\/oz<\/p>\n

Psychological: $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 bouncing between our 2nd and 3rd tier downtrend lines as the Dollar appreciates across the board.\u00a0 Investors are reacting to the BOE\u2019s decision to administer a monetary shock by injecting another $84 billion into its QE package.\u00a0 The GBP\/USD is under considerable pressure, hampering any excitement over lower than … <\/p>\n

Continue reading “Gold Jogs Between our Trend Lines Amid the Greenback\u2019s Appreciation”<\/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-3231","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3231","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=3231"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3231\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=3231"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=3231"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=3231"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}