{"id":4844,"date":"2009-11-16T12:05:35","date_gmt":"2009-11-16T17:05:35","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=4844"},"modified":"2009-11-16T12:05:35","modified_gmt":"2009-11-16T17:05:35","slug":"gold-shines-as-it-sets-fresh-2009-highs","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/11\/16\/gold-shines-as-it-sets-fresh-2009-highs\/","title":{"rendered":"Gold Shines as it Sets Fresh 2009 Highs"},"content":{"rendered":"

By Fast Brokers<\/strong> – Gold is shooting higher again after rallying from $1100\/oz on Friday.\u00a0 Today\u2019s positive performance stems from a strong EUR\/USD and GBP\/USD.\u00a0 However, the real gold movers are the AUD\/USD and S&P futures, which are both headed for new 2009 highs.\u00a0 Therefore, it seems the risk trade is finally taking a cue from gold\u2019s incredible rally as of late.\u00a0 Now it seems gold\u2019s positive correlations are leading the way, sending the precious metal beyond $1130\/oz.\u00a0 The S&P\u2019s charge past its highly psychological 1100 level could prove to be a key move for the risk trade since the S&P futures have buckled under the pressure of 1100 for the past month.\u00a0 Such a movement would likely serve as a positive catalyst for gold since stronger equities have been resulting in a weaker Dollar.\u00a0 Since gold is also negatively correlated to the Dollar, the precious metal may be in for further near-term gains.\u00a0 Hence, investors should keep an eye on the EUR\/USD and its interaction with 1.50 and previous November\/October highs (refer to EUR\/USD commentary).\u00a0 Any key topside breakout in the EUR\/USD could serve as another positive indicator for gold.\u00a0 Meanwhile, the U.S. will release some important pricing data tomorrow.\u00a0 Therefore, the markets could remain in a volatile state for the next 24-48 hours.<\/p>\n

Technically speaking, we\u2019re still unable to install a downtrend line on our chart due to a lack of historical perspective.\u00a0 Therefore, it\u2019s difficult to find any topside technical barriers besides gold\u2019s potentially psychological $1150\/oz level.\u00a0 As for the downside, gold has multiple uptrend lines serving as technical cushions along with intraday lows and the psychological $1100\/oz level.<\/p>\n

Present Price: $1130.45\/oz<\/p>\n

Resistances: $1131.19\/oz $1133.16\/oz<\/p>\n

Supports: $1127.24\/oz, $1124.42\/oz, $11122.54\/oz, $1117.87\/oz, $1114.39\/oz, $1110.59\/oz<\/p>\n

Psychological: $1100\/oz., $1150\/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 is shooting higher again after rallying from $1100\/oz on Friday.\u00a0 Today\u2019s positive performance stems from a strong EUR\/USD and GBP\/USD.\u00a0 However, the real gold movers are the AUD\/USD and S&P futures, which are both headed for new 2009 highs.\u00a0 Therefore, it seems the risk trade is finally taking a cue … <\/p>\n

Continue reading “Gold Shines as it Sets Fresh 2009 Highs”<\/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-4844","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/4844","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=4844"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/4844\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=4844"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=4844"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=4844"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}