{"id":4221,"date":"2009-10-08T08:31:34","date_gmt":"2009-10-08T13:31:34","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=4221"},"modified":"2009-10-08T08:31:34","modified_gmt":"2009-10-08T13:31:34","slug":"gold-starts-to-top-out-after-incredible-run","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/10\/08\/gold-starts-to-top-out-after-incredible-run\/","title":{"rendered":"Gold Starts to Top Out After Incredible Run"},"content":{"rendered":"

By Fast Brokers<\/strong> – Gold is beginning to cool down following the amazing gold rush that took place in reaction to the RBA being the first central bank to raise rates following the beginning of the credit crisis.\u00a0 The AUD\/USD took flight after the RBA\u2019s decision in conjunction with much better than expected Aussie employment data.\u00a0 Breakouts in gold and the AUD\/USD spurred a broad-based depreciation of the Dollar, only fueling gold\u2019s bolt towards new record nominal highs.\u00a0 However, the psychological impact of the RBA\u2019s monetary shock could start to wane since both the ECB and BoE kept their monetary policies unchanged today.\u00a0 The EUR\/USD and GBP\/USD still have to deal with a few technical barriers before participating more fully in the broad weakness of the Dollar.\u00a0 Attention will now turn to Q3 earnings season and the reaction of U.S. equities.\u00a0 Better than expected Q3 results would likely depreciate the Dollar further and help gold extend its breakout.\u00a0 Meanwhile, it seems gold will cool and consolidate as investors digest this week\u2019s explosive movements.\u00a0 Technically speaking, we can\u2019t place a downtrend line yet since we\u2019re dealing with uncharted topside territory.\u00a0 However, we\u2019ve laid a few downtrend lines to give an idea of support.\u00a0 It seems the $1050\/oz level will play a psychological role for the time being.\u00a0 Regardless of current weakness, gold\u2019s breakout to record highs sends a message of commitment to a longer-term uptrend in the precious metal.\u00a0 For the time being investors should keep an eye on the EUR\/USD and GBP\/USD and their interaction with their respective topside technical barriers should they be reached.<\/p>\n

Present Price: $1052.45\/oz<\/p>\n

Resistances: $1053\/oz, $1056.34\/oz, $1058.54\/oz.<\/p>\n

Supports: $1049.24\/oz, $1046.55\/oz, $1042.63\/oz, $1037.99\/oz, $1035.54\/oz.<\/p>\n

Psychological: $1050\/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 beginning to cool down following the amazing gold rush that took place in reaction to the RBA being the first central bank to raise rates following the beginning of the credit crisis.\u00a0 The AUD\/USD took flight after the RBA\u2019s decision in conjunction with much better than expected Aussie employment … <\/p>\n

Continue reading “Gold Starts to Top Out After Incredible Run”<\/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-4221","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/4221","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=4221"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/4221\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=4221"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=4221"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=4221"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}