{"id":4647,"date":"2009-11-10T12:36:07","date_gmt":"2009-11-10T17:36:07","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=4647"},"modified":"2009-11-10T12:36:07","modified_gmt":"2009-11-10T17:36:07","slug":"gold-retraces-to-1100oz","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/11\/10\/gold-retraces-to-1100oz\/","title":{"rendered":"Gold Retraces to $1100\/oz"},"content":{"rendered":"

By Fast Brokers<\/strong> – Gold has retraced to $1100\/oz following yesterday\u2019s break above as investors snap up the Dollar in reaction to overbought conditions and disappointing econ data points from both Britain and the EU.\u00a0 Meanwhile, the S&P futures are staring at their own psychological 1100 level along with previous 2009 highs.\u00a0 Therefore, today\u2019s consolidation appears healthy thus far as investors take a breather in anticipation of tonight\u2019s wave of econ data from China.\u00a0 China will release Industrial Production, CPI, CPI, and Fixed Asset Investments.\u00a0 Investors will likely be paying particularly close attention to China\u2019s econ data since the nation\u2019s economy has been an engine in the global recovery.\u00a0 An outperformance in China\u2019s data could give the risk trades a nice boost, whereas a cool down could result in further Dollar strength.\u00a0 Therefore, strong econ data out of China could help gold separate itself from $1100\/oz despite today\u2019s retracement.\u00a0 On the other hand, disappointing China data could lead investors to close out some risk trades as well as take profits in gold.<\/p>\n

Technically speaking, we\u2019re still unable to place any sort of reliable downtrend line on gold due to a lack of historical perspective.\u00a0 Therefore, gold\u2019s key barrier to further topside gains appears to rest in the hands of the psychological $1100\/oz level.\u00a0 As for the downside, gold several uptrend lines serving as technical cushions along with 11\/06 lows.\u00a0 Meanwhile, investors should keep an eye on the EUR\/USD\u2019s battle with 1.50.\u00a0 Gold has been strongly correlated with the EUR\/USD.\u00a0 Therefore, any significant breakout in the currency pair could help drive gold higher.<\/p>\n

Present Price: $1101.85\/oz<\/p>\n

Resistances: $1105.32\/oz, $1108.20\/oz, $1110.59\/oz<\/p>\n

Supports: $1100.97\/oz, $1097.65\/oz, $1094.78\/oz, $1091.43\/oz, $1087.59\/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 retraced to $1100\/oz following yesterday\u2019s break above as investors snap up the Dollar in reaction to overbought conditions and disappointing econ data points from both Britain and the EU.\u00a0 Meanwhile, the S&P futures are staring at their own psychological 1100 level along with previous 2009 highs.\u00a0 Therefore, today\u2019s consolidation … <\/p>\n

Continue reading “Gold Retraces to $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-4647","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/4647","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=4647"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/4647\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=4647"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=4647"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=4647"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}