{"id":3382,"date":"2009-08-18T10:43:33","date_gmt":"2009-08-18T15:43:33","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=3382"},"modified":"2009-08-18T10:43:33","modified_gmt":"2009-08-18T15:43:33","slug":"golds-bounces-above-july-29th-lows-following-large-selloff","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/08\/18\/golds-bounces-above-july-29th-lows-following-large-selloff\/","title":{"rendered":"Gold\u2019s Bounces Above July 29th Lows Following Large Selloff"},"content":{"rendered":"

By Fast Brokers<\/strong> – Gold is finding support in our 2nd tier uptrend line as the precious metal avoided an encounter with 7\/29 lows.\u00a0 We notice a similar development with the EUR\/USD and its own 7\/29 lows, telling us the EUR\/USD may be a stronger immediate-term read on gold.\u00a0 The Greenback is balancing across the board following its swift appreciation, giving gold a boost due to its negative correlation with the Dollar.\u00a0 Remember that gold is following the Greenback more closely than U.S. equities these days, though the movement of the S&P does have a moderate influence on the direction of the precious metal.\u00a0 Therefore, present weakness in the S&P futures could limit upward mobility in gold as the Pound and Euro appreciate.<\/p>\n

Consolidation could be the theme in markets over the next session or two as investors take a breath and digest the pullback in U.S. equities.\u00a0 Since this week\u2019s economic data out of the EU and Britain have been positive, investors may be second-guessing their instinct to follow the negative tide of news surfacing from the U.S.\u00a0 However, near-term pressure does remain to the downside since we\u2019ve noticed increasing sell-side activity along with a collapse of the psychological $950\/oz level.\u00a0 Gold has something to prove to the upside, beginning with our 1st tier downtrend and 3rd tier uptrend lines along with 7\/29 highs and the psychological $950\/oz zone.\u00a0 As for the downside, the precious metal has technical cushions in our 2nd tier uptrend line, Monday lows and 7\/29 lows.<\/p>\n

Present Price: $936.85\/oz<\/p>\n

Resistances: $938.54\/oz, $939.68\/oz, $941.20\/oz, $942.47\/oz, $944.12\/oz<\/p>\n

Supports: $936.39\/oz, $934.74\/oz, $932.46\/oz, $930.31\/oz, $928.16\/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 finding support in our 2nd tier uptrend line as the precious metal avoided an encounter with 7\/29 lows.\u00a0 We notice a similar development with the EUR\/USD and its own 7\/29 lows, telling us the EUR\/USD may be a stronger immediate-term read on gold.\u00a0 The Greenback is balancing across the … <\/p>\n

Continue reading “Gold\u2019s Bounces Above July 29th Lows Following Large 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-3382","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3382","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=3382"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3382\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=3382"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=3382"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=3382"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}