{"id":3324,"date":"2009-08-13T11:12:13","date_gmt":"2009-08-13T16:12:13","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=3324"},"modified":"2009-08-13T11:12:13","modified_gmt":"2009-08-13T16:12:13","slug":"golds-rally-cools-as-the-dollar-strengthens","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/08\/13\/golds-rally-cools-as-the-dollar-strengthens\/","title":{"rendered":"Gold’s Rally Cools as the Dollar Strengthens"},"content":{"rendered":"

By Fast\u00a0 Brokers<\/strong> – Gold is dipping back towards $950\/oz and our 1st tier downtrend line as both the GBP\/USD and EUR\/USD contract.\u00a0 Gold managed to propel from our 1st tier uptrend line yesterday in reaction to a rally in U.S. equities along with a deflating Greenback.\u00a0 However, volume is declining on the buy-side while our 3rd tier uptrend and 1st tier downtrend lines reach tier inflection point.\u00a0 We believe this collision could carry some weight since we notice trend inflection points in the GBP\/USD, EUR\/USD, and USD\/JPY as well.\u00a0 Furthermore, volatility is picking up in U.S. equities and the S&P futures are still debating 1000 as crude battles $70\/bbl.\u00a0 Therefore, a sizable breakout in either direction over the next few trading sessions wouldn\u2019t be uncalled for considering markets are at a critical juncture.<\/p>\n

Meanwhile, investors should continue to monitor developments in both the EUR\/USD and GBP\/USD since gold has been tightly correlated with these currencies lately.\u00a0 Gold\u2019s psychological $950\/oz zone should continue to play a factor for the near-term so long as the precious metal is constrained by our trend lines.\u00a0 Gold still faces our 2nd and 3rd tier downtrend lines along with August 3rd and 7th highs.\u00a0 Meanwhile, the precious metal is being sucked back under the lid of its 7\/20-7\/28 trading range.\u00a0 Gold has some strong immediate-term technical cushions in our 2nd and 3rd tier uptrend lines along with $950\/oz.\u00a0 Consolidation in the precious metal is likely for the immediate-term as investors await more defining global economic data.<\/p>\n

Present Price: $956.35\/oz<\/p>\n

Resistances: $957.74\/oz, $958.77\/oz, $959.66\/oz, $960.94\/oz, $962.22\/oz<\/p>\n

Supports: $956.33\/oz, $954.93\/oz, $953.77\/oz, $952.37\/oz, $950.70\/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\u00a0 Brokers – Gold is dipping back towards $950\/oz and our 1st tier downtrend line as both the GBP\/USD and EUR\/USD contract.\u00a0 Gold managed to propel from our 1st tier uptrend line yesterday in reaction to a rally in U.S. equities along with a deflating Greenback.\u00a0 However, volume is declining on the buy-side while … <\/p>\n

Continue reading “Gold’s Rally Cools as the Dollar Strengthens”<\/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-3324","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3324","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=3324"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3324\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=3324"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=3324"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=3324"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}