{"id":4138,"date":"2009-10-02T10:25:29","date_gmt":"2009-10-02T15:25:29","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=4138"},"modified":"2009-10-02T10:25:29","modified_gmt":"2009-10-02T15:25:29","slug":"gold-pares-losses-following-disappointing-employment-data","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/10\/02\/gold-pares-losses-following-disappointing-employment-data\/","title":{"rendered":"Gold Pares Losses Following Disappointing Employment Data"},"content":{"rendered":"<p><strong>By Fast Brokers<\/strong> &#8211; Gold is paring earlier losses, bouncing off of 9\/29 lows and our 2nd tier uptrend line.\u00a0 Gold continues to hold strong above a key set of September lows despite the selloffs in the EUR\/USD, GBP\/USD, and USD\/JPY.\u00a0 Furthermore, the S&amp;P futures are finally experiencing the pullback analysts anticipated.\u00a0 The EUR\/USD and GBP\/USD are also trading above intraday lows, showing gold is tracking the Dollar more closely than equities as has been the norm throughout the economic downturn.\u00a0 Speaking of which, investors should recall that the EUR\/USD has been the best correlation to track as far as gold is concerned.\u00a0 Coincidentally, we notice solid uptrend lines in both gold and the EUR\/USD, whereas the Cable and USD\/JPY have few near-term technical cushions.\u00a0 Therefore, gold should continue to be resilient should the market-wide pullback pick up momentum.\u00a0 However, there could come a breaking point in gold over time should its patience be tested.\u00a0 For the time being, gold has September 29th lows and our 1st and 2nd tier uptrend lines serving as technical cushions.\u00a0 Our 2nd tier uptrend line appears to carry more weight than our 1st tier.\u00a0 A failure of our 2nd tier could imply a rather quick pullback towards $975\/oz.\u00a0 As for the topside, gold faces multiple downtrend lines, 9\/30 highs, and of course the highly psychological $1000\/oz level.\u00a0 While it\u2019s wise to maintain a neutral outlook on gold trend-wise for the time being, the downtrend has a stronger case over the near-term considering the negative performance of the precious metals correlations.<\/p>\n<p>Present Price: $995.45\/oz<\/p>\n<p>Resistances: $997.20\/oz, $999.16\/oz, $1001.13\/oz, $1003.62\/oz, $1006.12\/oz, $1009.15\/oz<\/p>\n<p>Supports: $995.06\/oz,$992.92\/oz, $990.96\/oz, $988.82\/oz, $986.96\/oz, $984.99\/oz<\/p>\n<p>Psychological: $1000\/oz<\/p>\n<p><a href=\"http:\/\/fastbrokers.net\/news\/image\/oct2gold.gif\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/fastbrokers.net\/news\/image\/oct2gold.gif\" alt=\"\" width=\"595\" height=\"326\" \/><\/a><\/p>\n<p><em><strong>Market Commentary<\/strong><\/em> provided by <a href=\"http:\/\/www.fastbrokers.com\/index.php?CP001\" target=\"_blank\"><span style=\"text-decoration: underline;\"><span style=\"text-decoration: underline;\"><strong>Fast Brokers<\/strong><\/span><\/span>.<\/a><\/p>\n<p><strong>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<p><strong>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":"<p>By Fast Brokers &#8211; Gold is paring earlier losses, bouncing off of 9\/29 lows and our 2nd tier uptrend line.\u00a0 Gold continues to hold strong above a key set of September lows despite the selloffs in the EUR\/USD, GBP\/USD, and USD\/JPY.\u00a0 Furthermore, the S&amp;P futures are finally experiencing the pullback analysts anticipated.\u00a0 The EUR\/USD and &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/fx\/2009\/10\/02\/gold-pares-losses-following-disappointing-employment-data\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Gold Pares Losses Following Disappointing Employment Data&#8221;<\/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-4138","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/4138","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=4138"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/4138\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=4138"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=4138"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=4138"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}