{"id":4243,"date":"2009-10-09T10:58:36","date_gmt":"2009-10-09T15:58:36","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=4243"},"modified":"2009-10-09T10:58:36","modified_gmt":"2009-10-09T15:58:36","slug":"gold-consolidates-above-our-2nd-tier-uptrend-line","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/10\/09\/gold-consolidates-above-our-2nd-tier-uptrend-line\/","title":{"rendered":"Gold Consolidates Above Our 2nd Tier Uptrend Line"},"content":{"rendered":"

By Fast Brokers<\/strong> – Gold is continuing its cool-down following the explosive breakout earlier this week.\u00a0 The precious metal has stabilized along our 2nd tier uptrend line and is presently trading just below the psychological $1050\/oz level.\u00a0 We notice a similar dip in the AUD\/USD and it seems the two are solid correlations right now.\u00a0 The reason for the consolidation in gold, besides oversold conditions, is the inability of the EUR\/USD and GBP\/USD to overcome our near-term technical barriers.\u00a0 While movements in the AUD\/USD should continue to impact the precious metal, the continuation of gold\u2019s rush will likely depend upon an accompanying breakout in the EUR\/USD.\u00a0 Gold has been closely correlated with the EUR\/USD throughout the year.\u00a0 Therefore, a topside breakout in the EUR\/USD would drive gold to its next leg higher.\u00a0 As we mentioned, the EUR\/USD does face a few immediate-term technical obstacles (refer to EUR\/USD commentary).\u00a0 Therefore, the EUR\/USD\u2019s upward trajectory isn\u2019t secure quite yet.\u00a0 Therefore, investors should eye the EUR\/USD\u2019s potential interaction with our topside technicals for the time being to gauge whether gold can leap past previous highs.<\/p>\n

Meanwhile, econ data Q3 earnings will heat up around the globe next week following Monday\u2019s U.S. banking holiday.\u00a0 Therefore, volatility in the FX markets should pick up, implying continued volatility in gold over the near-term.\u00a0 Gold\u2019s breakout this week likely implies more accelerated gains over the near to medium-term since the highly psychological $1000\/oz barrier is out of the picture.\u00a0 The near-term is about gold setting a new, lasting top from which to consolidate from.\u00a0 For the time being we are unable to create any reliable downtrend lines.\u00a0 We maintain our positive outlook on gold trend-wise due to the aforementioned analysis.<\/p>\n

Present Price: $1046.95\/oz<\/p>\n

Resistances: $1049.24\/oz, $1052.89\/oz, $1058.54\/oz, $1061.40\/oz<\/p>\n

Supports: $1045.63\/oz, $102.63\/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 continuing its cool-down following the explosive breakout earlier this week.\u00a0 The precious metal has stabilized along our 2nd tier uptrend line and is presently trading just below the psychological $1050\/oz level.\u00a0 We notice a similar dip in the AUD\/USD and it seems the two are solid correlations right now.\u00a0 … <\/p>\n

Continue reading “Gold Consolidates Above Our 2nd Tier Uptrend Line”<\/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-4243","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/4243","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=4243"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/4243\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=4243"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=4243"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=4243"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}