{"id":3984,"date":"2009-09-23T11:46:34","date_gmt":"2009-09-23T16:46:34","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=3984"},"modified":"2009-09-23T11:46:34","modified_gmt":"2009-09-23T16:46:34","slug":"gold-weakens-with-a-stronger-dollar","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/09\/23\/gold-weakens-with-a-stronger-dollar\/","title":{"rendered":"Gold Weakens with a Stronger Dollar"},"content":{"rendered":"

By Fast Brokers<\/strong> – Gold failed to breach September highs yesterday, and the precious metal is declining as investors snap up the Dollar.\u00a0 Investors are presently making a slight retreat from risk as they await the Fed\u2019s monetary policy decision later today.\u00a0 While we expect the Fed to keep its policy unchanged, the potential for a monetary shock always exists.\u00a0 Meanwhile, the EU\u2019s PMI data came in negatively mixed today, catching investors a bit off-guard.\u00a0 The disappointing data has resulted in a comparatively weak Euro.\u00a0 Underperformance in the Euro is dragging gold lower since the precious metal has recently experienced a stronger positive correlation with the EUR\/USD than the GBP\/USD.\u00a0\u00a0 The S&P futures are hovering around even, and gold will likely remain within a reasonable trading range until the Fed announces its decision.\u00a0 We maintain our positive outlook on gold trend-wise since we are optimistic about the precious metal\u2019s correlations over the near-term.\u00a0 Additionally, gold has given us little reason to question the uptrend\u2019s technical strength.<\/p>\n

Technically speaking, gold\u2019s psychological $1000\/oz area should continue to serve as a strong support.\u00a0 Gold\u2019s continual defense of $1000\/oz is a positive sign for the uptrend since the precious metal is building a solid technical base.\u00a0 Gold has multiple uptrend lines along with 9\/21, 9\/15, and 9\/10 lows serving as technical cushions.\u00a0 As for the topside, gold is staring down previous 2009 highs and our relatively flat 3rd tier downtrend line.\u00a0 Beyond these technical barriers, gold faces the final frontier in March 2008 highs.\u00a0 These technical levels are the only foreseeable obstacles separating gold from more exciting near-term gains.\u00a0 However, gold will need a strong push to the topside backed by healthy volume.\u00a0 Therefore, the precious metal will require participation from its correlations across the board.<\/p>\n

Present Price: $1011.55\/oz<\/p>\n

Resistances:\u00a0 $1014.88\/oz, $1016.56\/oz, $1018.24\/oz, $1019.79\/oz, $1020.86\/oz, $1024.48\/oz<\/p>\n

Supports: $1011.51\/oz, $1010.39\/oz, $1008.52\/oz, $1007.21\/oz, $1005.72\/oz<\/p>\n

Psychological: $1000\/oz, 2009 highs and March 2008 highs<\/p>\n

\"\"<\/a><\/p>\n

Market Commentary<\/strong><\/em> provided by Fast Brokers<\/strong><\/span><\/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 failed to breach September highs yesterday, and the precious metal is declining as investors snap up the Dollar.\u00a0 Investors are presently making a slight retreat from risk as they await the Fed\u2019s monetary policy decision later today.\u00a0 While we expect the Fed to keep its policy unchanged, the potential for … <\/p>\n

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