{"id":4536,"date":"2009-11-02T11:54:56","date_gmt":"2009-11-02T16:54:56","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=4536"},"modified":"2009-11-02T11:54:56","modified_gmt":"2009-11-02T16:54:56","slug":"gold-darts-past-1050oz-on-positive-u-s-econ-data","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/11\/02\/gold-darts-past-1050oz-on-positive-u-s-econ-data\/","title":{"rendered":"Gold Darts Past $1050\/oz on Positive U.S. Econ Data"},"content":{"rendered":"

By Fast Brokers <\/strong>– Gold has recovered nicely from Friday\u2019s slight pullback in the face of a stronger dollar and sliding equities.\u00a0 The precious metal has since plowed past the psychological $1050\/oz level and our 1st tier downtrend line after U.S. ISM Manufacturing PMI and Pending Home Sales data points knocked aside analyst expectations.\u00a0 We recognize strength and stability in the EUR\/USD and AUD\/USD as well, gold\u2019s stronger positive correlations.\u00a0 In fact, the EUR\/USD and AUD\/USD held up relatively well on Friday considering the extent of the selloff in U.S. equities.\u00a0 As a result of present activity, gold\u2019s momentum has suddenly swung to the positive side.\u00a0 The final technical barrier separating the precious metal from a retest of previous 2009 highs seems to be our 2nd tier downtrend line hanging nearby.\u00a0 Therefore, although downward pressure does have a chance of kicking back in, technicals are suddenly working in favor of the topside once again.\u00a0 As for the downside, gold now has multiple uptrend lines serving as technical cushions and the psychological $1050\/oz level is working the precious metal\u2019s favor now.<\/p>\n

Meanwhile, investors should keep an eye on the EUR\/USD and AUD\/USD and monitor their ability to break through their respective Friday highs.\u00a0 Furthermore, investors should track the S&P\u2019s present interaction with its own psychological 1050 level.\u00a0 It seems we should be in for another volatile week considering the amount of econ data we have to go along with Fed, BoE, and ECB monetary policy decisions.\u00a0 Therefore, investors should exercise caution and monitor the markets carefully since surprising news could shift sentiment rather quickly.<\/p>\n

Present Price: $1060.65\/oz<\/p>\n

Resistances: $1062.54\/oz, $1065.38\/oz, $1067.72\/oz, $1069.89\/oz, $1075\/oz<\/p>\n

Supports: $1059.19\/oz, $1055.69\/oz, $1053.76\/oz, $1051.51\/oz, $1048.50\/oz<\/p>\n

Psychological: $1050\/oz, $1075\/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 has recovered nicely from Friday\u2019s slight pullback in the face of a stronger dollar and sliding equities.\u00a0 The precious metal has since plowed past the psychological $1050\/oz level and our 1st tier downtrend line after U.S. ISM Manufacturing PMI and Pending Home Sales data points knocked aside analyst expectations.\u00a0 We … <\/p>\n

Continue reading “Gold Darts Past $1050\/oz on Positive U.S. Econ Data”<\/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-4536","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/4536","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=4536"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/4536\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=4536"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=4536"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=4536"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}