{"id":4266,"date":"2009-10-13T10:51:53","date_gmt":"2009-10-13T15:51:53","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=4266"},"modified":"2009-10-13T10:51:53","modified_gmt":"2009-10-13T15:51:53","slug":"gold-sets-new-highs-on-strong-eurusd","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/10\/13\/gold-sets-new-highs-on-strong-eurusd\/","title":{"rendered":"Gold Sets New Highs on Strong EUR\/USD"},"content":{"rendered":"

By Fast Brokers<\/strong> – Gold is trading off fresh 2009 highs as the Dollar logs gains against the Euro and Aussie.\u00a0 However, this is after the EUR\/USD popped past our key 3rd tier downtrend line and September highs.\u00a0 While a retracement beneath our 3rd tier downtrend line is possible, today\u2019s movement in the EUR\/USD could spell accelerated gains in the near future.\u00a0 The final obstacle the EUR\/USD must overcome is its highly psychological 1.50 level.\u00a0 The reason we speak of the EUR\/USD in relation to gold is because the precious metal has achieved its historic breakout without full cooperation from the Euro.\u00a0 The EUR\/USD has been tightly correlated with gold throughout the year, implying gold\u2019s accomplishment overcame quite a few obstacles of its own.\u00a0 Therefore, as we mentioned previously, a topside breakout in the EUR\/USD could fuel further gains in gold.\u00a0 As a result, we feel a pressing need to highlight any noteworthy developments regarding the EUR\/USD\u2019s topside potential.\u00a0\u00a0 Gold hasn\u2019t given evidence of creating a lasting top since we have no historical reference to work with.\u00a0 Hence, gold\u2019s uptrend is alive and boundless until we are able to initiate some credible downtrend lines.<\/p>\n

Meanwhile, investors should eye near-term performances of both the AUD\/USD and EUR\/USD since gold should be positively correlated with these two major Dollar crosses.\u00a0 Furthermore, upcoming Q3 earnings and U.S. econ data should impact the FX markets, meaning gold will be influenced as well.\u00a0 Outperformance of earnings and data implies gains in U.S. equities and consequently serve as positive catalysts for gold\u2019s uptrend, and vice versa.\u00a0 Technically speaking, it\u2019s difficult to place topside technicals on gold other than the psychological $1075\/oz and $1100\/oz levels.\u00a0 As for the downside, the precious metal has developed a few technical cushions, including our multiple uptrend lines along with 10\/13, 10\/10, and 10\/7 lows.\u00a0 Additionally, the psychological $1050\/oz level should serve as a technical support.<\/p>\n

Present Price: $1057.40\/oz<\/p>\n

Resistances: $1058.54\/oz, $1061.40\/oz, $1068.30\/oz<\/p>\n

Supports: $1054.82\/oz, $1052.80\/oz, $1050.67\/oz, $1048.60\/oz, $1045.23\/oz, $1042.96\/oz<\/p>\n

Psychological: $1050\/oz, $1075\/oz, $1100\/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 trading off fresh 2009 highs as the Dollar logs gains against the Euro and Aussie.\u00a0 However, this is after the EUR\/USD popped past our key 3rd tier downtrend line and September highs.\u00a0 While a retracement beneath our 3rd tier downtrend line is possible, today\u2019s movement in the EUR\/USD could … <\/p>\n

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