{"id":4575,"date":"2009-11-04T10:41:09","date_gmt":"2009-11-04T15:41:09","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=4575"},"modified":"2009-11-04T10:41:09","modified_gmt":"2009-11-04T15:41:09","slug":"gold-tops-out-just-below-1100oz","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/11\/04\/gold-tops-out-just-below-1100oz\/","title":{"rendered":"Gold Tops Out Just Below $1100\/oz"},"content":{"rendered":"

By Fast Brokers<\/strong> – Gold surged past our 2nd tier downtrend yesterday after the IMF announced that India made a large bullion purchase from the monetary fund\u2019s stockpile.\u00a0 Gold\u2019s technicals were already working in the topside\u2019s favor, making yesterday\u2019s breakout explosive.\u00a0 Furthermore, gold managed to make yesterday\u2019s key topside movement without the full cooperation of the Euro and Aussie.\u00a0 In fact, gold\u2019s impressive breakout could signal another round of weakness in the Dollar.\u00a0 Regardless, gold\u2019s momentum continues to work in favor of the topside as investors and governments try to diversify their assets and decrease their dependency on the Dollar.\u00a0 Meanwhile, central bank meetings will be in focus for the next 24-48 hours, meaning volatility in the FX markets should increase.\u00a0 Therefore, investors should expect further volatility in gold, especially considering the precious metal made such a bullish movement.<\/p>\n

Technically speaking, we\u2019re at a loss of downtrend lines and historical perspective again.\u00a0 Therefore, the psychological $1100\/oz level serves as our only trustworthy topside technical for the time being.\u00a0 Speaking of which, gold stopped just short of $1100\/oz, hinting that the level could have a near-term psychological impact on investors.\u00a0 As for the downside, we\u2019ve readjusted our uptrend lines, giving us an idea of support to go along with the psychological $1075\/oz level.\u00a0 Meanwhile, gold\u2019s near-term activity could take its cue from the Dollar.\u00a0 Hence, investors should monitor any technical breakouts or setbacks in either the EUR\/USD or AUD\/USD.<\/p>\n

Present Price: $1091.30\/oz<\/p>\n

Resistances: $1091.49\/oz, $1092.77\/oz, $1095.77\/oz, $1100.04\/oz<\/p>\n

Supports: $1087.85\/oz, $1085.28\/oz, $1083.14\/oz, $1079.93\/oz, $1075.01\/oz, $1069.89<\/p>\n

Psychological: $1100\/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 surged past our 2nd tier downtrend yesterday after the IMF announced that India made a large bullion purchase from the monetary fund\u2019s stockpile.\u00a0 Gold\u2019s technicals were already working in the topside\u2019s favor, making yesterday\u2019s breakout explosive.\u00a0 Furthermore, gold managed to make yesterday\u2019s key topside movement without the full cooperation of … <\/p>\n

Continue reading “Gold Tops Out Just Below $1100\/oz”<\/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-4575","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/4575","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=4575"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/4575\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=4575"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=4575"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=4575"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}