{"id":4496,"date":"2009-10-30T11:21:34","date_gmt":"2009-10-30T16:21:34","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=4496"},"modified":"2009-10-30T11:21:34","modified_gmt":"2009-10-30T16:21:34","slug":"gold-declines-with-risk-aversion","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/10\/30\/gold-declines-with-risk-aversion\/","title":{"rendered":"Gold Declines with Risk Aversion"},"content":{"rendered":"

By Fast Brokers<\/strong> – Gold had a nice little pop yesterday as investors exited the Dollar in reaction to stronger than expected U.S. Prelim GDP data.\u00a0 However, as with the EUR\/USD and GBP\/USD, gold\u2019s positive momentum fell short of important topside technical barriers, mostly notably $1050\/oz and our 3rd tier uptrend line.\u00a0 Investors are now exiting their risk trades today as optimism wanes in the face of negatively mixed data.\u00a0 The S&P futures are also trading off by over -1% and crude over -2%.\u00a0 Gold is following its positive correlations to a tee today and is heading back below our 2nd tier uptrend line.\u00a0 Hence, markets are showing us that investor uncertainty is outweighing optimism.\u00a0 The positive Q3 earnings season has been priced in, and investors are now looking towards Q4 fundamental economic performance.<\/p>\n

Despite today\u2019s pullback in gold, the precious metal still has our 1st tier uptrend line to fall back on along with 10\/27 and 10\/28 lows.\u00a0 As for the topside, gold is facing a newly formed downtrend line along with its psychological $1050\/oz level and 10\/26 highs.\u00a0 Meanwhile, investors should monitor the EUR\/USD\u2019s ability to hold above its technical cushions along with the S&P\u2019s battle at 1050.\u00a0 A large technical setback in either could drag gold lower due to their positive correlations.<\/p>\n

Present Price: $1039.60\/oz<\/p>\n

Resistances: $1043.60\/oz, $1046.91\/oz, $1049.98\/oz, $1053.76\/oz, $1058.26\/oz<\/p>\n

Supports: $1036.03\/oz, $1032.01\/oz, $1029.41\/oz, $1024.44\/oz, $1018.53\/oz<\/p>\n

Psychological: $1050\/oz, $1000\/oz.<\/p>\n

\"\"<\/a><\/p>\n

Market Commentary<\/strong><\/em> <\/span>provided by <\/span>Fast Brokers<\/strong><\/span><\/span>.<\/a><\/p>\n

Disclaimer:<\/strong> <\/span>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> <\/span>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 had a nice little pop yesterday as investors exited the Dollar in reaction to stronger than expected U.S. Prelim GDP data.\u00a0 However, as with the EUR\/USD and GBP\/USD, gold\u2019s positive momentum fell short of important topside technical barriers, mostly notably $1050\/oz and our 3rd tier uptrend line.\u00a0 Investors are now … <\/p>\n

Continue reading “Gold Declines with Risk Aversion”<\/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-4496","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/4496","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=4496"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/4496\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=4496"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=4496"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=4496"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}