{"id":4886,"date":"2009-11-18T11:34:17","date_gmt":"2009-11-18T16:34:17","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=4886"},"modified":"2009-11-18T11:34:17","modified_gmt":"2009-11-18T16:34:17","slug":"gold-hits-psychological-1150oz-level","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/11\/18\/gold-hits-psychological-1150oz-level\/","title":{"rendered":"Gold Hits Psychological $1150\/oz Level"},"content":{"rendered":"

By Fast Brokers<\/strong> – Gold is continuing its incessant rise higher despite very limited participation from the Dollar.\u00a0 The EUR\/USD and AUD\/USD are both fluctuating between their respective uptrend and downtrend lines while the S&P futures hover around their highly psychological 1100 level.\u00a0 Gold has ignored its usual positive correlations since breaking through its psychological $1100\/oz level and seems to have a mind of its own.\u00a0 Gold\u2019s aggressive bull movements without a sizable depreciation of the Dollar is a bit puzzling.\u00a0 Therefore, investors should question if\/and when gold\u2019s correlations will lock back into place.<\/p>\n

Meanwhile, U.S. equities have held up well considering the continual wave of negatively mixed econ data.\u00a0 Despite today\u2019s slightly positive CPI numbers, both Building Permits and Housing Starts registered disconcerting declines.\u00a0 Therefore, America\u2019s recent fundamentals are indicating a cool down in the nation\u2019s economic recovery.\u00a0 Hence, the S&P\u2019s resilience above its highly psychological 1100 level has been impressive.\u00a0 However, it feels like something\u2019s got to give and investors will eventually need to favor one direction or another in U.S. equities and the Dollar.\u00a0 Investors should closely monitor the EUR\/USD, GBP\/USD, and AUD\/USD for a directional statement since gold has been more closely correlated to the Dollar than equities so far this year.<\/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 11\/17 and 11\/16 lows along with the psychological $1100\/oz level.<\/p>\n

Present Price: $1147.70\/oz<\/p>\n

Resistances: $1150.09oz, $1152.65\/oz<\/p>\n

Supports: $1143.05\/oz, $1137.60\/oz, $1134.71\/oz, $1130.54\/oz, $1127.24\/oz, $1124.27\/oz<\/p>\n

Psychological: $1150\/oz, $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 is continuing its incessant rise higher despite very limited participation from the Dollar.\u00a0 The EUR\/USD and AUD\/USD are both fluctuating between their respective uptrend and downtrend lines while the S&P futures hover around their highly psychological 1100 level.\u00a0 Gold has ignored its usual positive correlations since breaking through its psychological … <\/p>\n

Continue reading “Gold Hits Psychological $1150\/oz Level”<\/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-4886","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/4886","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=4886"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/4886\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=4886"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=4886"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=4886"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}