{"id":4624,"date":"2009-11-09T12:38:04","date_gmt":"2009-11-09T17:38:04","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=4624"},"modified":"2009-11-09T12:38:04","modified_gmt":"2009-11-09T17:38:04","slug":"gold-breaks-past-1100oz","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/11\/09\/gold-breaks-past-1100oz\/","title":{"rendered":"Gold Breaks Past $1100\/oz"},"content":{"rendered":"

By Fast Brokers<\/strong> – Gold has finally broken past its psychological $1100\/oz level after a week-long debate.\u00a0 The precious metal is finding strength from a broad-based weakness in the Dollar as the Aussie, Euro, and Pound all log solid gains against the Greenback.\u00a0 Furthermore, India\u2019s large purchase of IMF bullion is probably increasing speculation that global central banks are beginning to diversify their reserves and decrease their reliance on the Dollar.\u00a0 Gold is a direct beneficiary of such a trend since it is a notorious safe haven asset.\u00a0 Meanwhile, we also notice sizable topside movements in both crude and the S&P futures, indicating today\u2019s activity in Gold\u2019s correlations are all creating an environment supportive of the precious metal\u2019s psychological breakout.<\/p>\n

Gold\u2019s near-term reaction should remain reliant on the Dollar\u2019s reaction to upcoming econ data.\u00a0 In focus will be tomorrow\u2019s EU ZEW Economic Sentiment number followed by a wave of Chinese data late Tuesday EST.\u00a0 If tomorrow\u2019s econ releases should impress and the Dollar reacts negatively, gold would likely be a beneficiary, and vice versa.\u00a0 Technically speaking, gold\u2019s movement beyond $1100\/oz is another key uptrend statement from the precious metal.\u00a0 Although there\u2019s the possibility gold may retrace towards the upper end of the $1100\/oz psychological zone, the precious metal\u2019s technicals are still supportive of its medium-term uptrend.\u00a0 It\u2019s difficult to place too many topside resistances until gold cools down, while the precious metal has multiple uptrend lines along with 11\/6 lows serving as technical cushions.<\/p>\n

Meanwhile, investors should keep an eye on the EUR\/USD\u2019s interaction with its highly psychological 1.50 level along with our 2nd and 3rd tier downtrend lines.\u00a0 Gold has been strongly correlated with the EUR\/USD lately, meaning a topside breakout in the Euro could push gold highs, adding more weight to tomorrow\u2019s ZEW data.<\/p>\n

Present Price: $1106.80\/oz<\/p>\n

Resistances: $1108.20\/oz, $1110.59\/oz<\/p>\n

Supports: $1103.64\/oz, $1100.97\/oz, $1098.11\/oz, $1094.78\/oz, $1090.71\/oz, $1088.55\/oz<\/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 has finally broken past its psychological $1100\/oz level after a week-long debate.\u00a0 The precious metal is finding strength from a broad-based weakness in the Dollar as the Aussie, Euro, and Pound all log solid gains against the Greenback.\u00a0 Furthermore, India\u2019s large purchase of IMF bullion is probably increasing speculation that … <\/p>\n

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