{"id":4820,"date":"2009-11-13T12:35:11","date_gmt":"2009-11-13T17:35:11","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=4820"},"modified":"2009-11-13T12:35:11","modified_gmt":"2009-11-13T17:35:11","slug":"gold-bounces-off-1100oz","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/11\/13\/gold-bounces-off-1100oz\/","title":{"rendered":"Gold Bounces off $1100\/oz"},"content":{"rendered":"

By Fast Brokers<\/strong> – Gold experienced a 2nd retracement to the psychological $1100\/oz level after topping out around $1120\/oz.\u00a0 Gold\u2019s weakness came with pullbacks in both the EUR\/USD and AUD\/USD as investors locked in profits and headed for safety amid slight investor uncertainty.\u00a0 However, gold is bouncing off $1100\/oz and our 2nd tier uptrend line as the EUR\/USD, AUD\/USD, and S&P futures recover some of their intraday losses despite a wave of negative econ data from both the EU and U.S.\u00a0 EU GDP and U.S. consumer sentiment data releases all printed below analyst expectations, indicating the global economic recovery may be more gradual than anticipated.\u00a0 The S&P futures initially reacted negatively to the news, yet investors are trying to pull the futures back up towards 1100.\u00a0 However, it\u2019s difficult to imagine the markets will end the day positively considering there\u2019s not much of a silver lining to today\u2019s data flow.<\/p>\n

Regardless, gold has held strong above $1100\/oz despite two retracements.\u00a0 Therefore, the precious metal\u2019s upward momentum is still intact, though the uptrend\u2019s patience is being tested.\u00a0 After all, gold has been on a furious rally lately and some profit taking would not be out of the ordinary.\u00a0 Meanwhile, investors should continue to monitor activity in both the EUR\/USD and AUD\/USD since gold is more closely correlated to these two major Dollar crosses.<\/p>\n

Technically speaking, we\u2019re still not able to place a downtrend line on our chart with confidence, meaning 11\/12 highs will serve as the next topside barrier.\u00a0 As for the downside, gold still has multiple uptrend lines serving as technical cushions along with intraday, 11\/10, and 11\/05 lows.\u00a0 Meanwhile, $1100\/oz could continue to have a say due to its psychological relevance as of late.<\/p>\n

Present Price: $1107.05\/oz<\/p>\n

Resistances: $1108.08\/oz, $1110\/59\/oz, $1114.39\/oz, $1117.87\/oz $1122.54\/oz<\/p>\n

Supports: $1103.09\/oz, $1100.46\/oz, $1097.83\/oz, $1093.33\/oz, $1088.64\/oz, $1083.12\/oz<\/p>\n

Psychological: $1100\/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 experienced a 2nd retracement to the psychological $1100\/oz level after topping out around $1120\/oz.\u00a0 Gold\u2019s weakness came with pullbacks in both the EUR\/USD and AUD\/USD as investors locked in profits and headed for safety amid slight investor uncertainty.\u00a0 However, gold is bouncing off $1100\/oz and our 2nd tier uptrend line … <\/p>\n

Continue reading “Gold Bounces off $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-4820","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/4820","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=4820"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/4820\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=4820"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=4820"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=4820"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}