{"id":4049,"date":"2009-09-28T11:07:45","date_gmt":"2009-09-28T16:07:45","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=4049"},"modified":"2009-09-28T11:07:45","modified_gmt":"2009-09-28T16:07:45","slug":"gold-consolidates-beneath-1000oz","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/09\/28\/gold-consolidates-beneath-1000oz\/","title":{"rendered":"Gold Consolidates Beneath $1000\/oz"},"content":{"rendered":"

By Fast Brokers<\/strong> – Gold is balancing above 9\/10 lows and June 2009 highs, yet remains below the psychological $1000\/oz level.\u00a0 Gold appears to be taking its cue more from the performance of the EUR\/USD and U.S. equities, which are trading the bottom of their near-term uptrend zones.\u00a0 However, rapid deteriorations of both the GBP\/USD and USD\/JPY are certainly causes for concern.\u00a0 Since the large pullbacks in the Dollar crosses are predominantly based on psychological factors, gold\u2019s correlation is favoring the more fundamentally-based performances of the EUR\/USD and U.S. equities.\u00a0 Hence, gold has managed to stay within range of the $1000\/oz level despite recent volatility in the FX market.\u00a0 As a result, gold\u2019s near-term performance will likely depend upon the results of key U.S. economic data this week.\u00a0 If global economic data continues to underperform gold may be forced to sacrifice 9\/10 lows.\u00a0 That being said, we\u2019re a bit skeptical about upcoming data releases.\u00a0 Therefore, we believe gold has a downward inclination over the near-term.<\/p>\n

Investors should keep eye key technical supports of both the EUR\/USD and the S&P futures.\u00a0 A technically significant decline in either of these investment vehicles would likely be accompanied by a large selloff in gold.\u00a0 Intraday and 9\/10 lows should serve as reliable technical cushions for gold along with our 3 uptrend lines.\u00a0 As for the topside, gold faces formidable resistances in our multiple downtrend lines and the highly psychological $1000\/oz level.\u00a0 We maintain our neutral outlook on gold trend-wise due to the mixed picture across the marketplace.<\/p>\n

Present Price: $992.15\/oz<\/p>\n

Resistances:\u00a0 $993.14\/oz, $995.13\/oz, $997.20\/oz, $998.94\/oz, $1000.39\/oz, $1003.44\/oz<\/p>\n

Supports: $993.14\/oz, $990.96\/oz, $988.78\/oz, $987.03\/oz, $985.25\/oz, $982.93\/oz, $980.61\/oz<\/p>\n

Psychological: $1000\/oz<\/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 is balancing above 9\/10 lows and June 2009 highs, yet remains below the psychological $1000\/oz level.\u00a0 Gold appears to be taking its cue more from the performance of the EUR\/USD and U.S. equities, which are trading the bottom of their near-term uptrend zones.\u00a0 However, rapid deteriorations of both the GBP\/USD … <\/p>\n

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