{"id":4932,"date":"2009-11-20T12:41:48","date_gmt":"2009-11-20T17:41:48","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=4932"},"modified":"2009-11-20T12:41:48","modified_gmt":"2009-11-20T17:41:48","slug":"gold-consolidates-around-1140oz-with-broad-based-dollar-strength","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/11\/20\/gold-consolidates-around-1140oz-with-broad-based-dollar-strength\/","title":{"rendered":"Gold Consolidates Around $1140\/oz with Broad-Based Dollar Strength"},"content":{"rendered":"

By Fast Brokers<\/strong> – Gold is finally experiencing a period of consolidation following its incessant rise to $1150\/oz.\u00a0 Gold is consolidating around the $1140\/oz level, right along our 3rd tier uptrend lien while setting lower highs in the process.\u00a0 Gold\u2019s weakness comes in reaction to pullbacks in the EUR\/USD, AUD\/USD, and GBP\/USD.\u00a0 Additionally, the S&P futures have ducked back below their highly psychological 1100 level.\u00a0 All of these correlative forces are trimming gains and gold and allowing bulls to take a breather as investors closely monitor recent uncertainty in the FX markets.\u00a0 That being said, despite heavy losses in the Cable, the EUR\/USD and AUD\/USD have experienced what could be considered healthy pullbacks at this point.\u00a0 However, should losses in these currency pairs accelerate investors could opt to take further profits in gold since the precious metal tends to exert a negative correlation with the Dollar.\u00a0 After all, some sizable profit taking in gold wouldn\u2019t be abnormal because it has been on a tear since breaking through $1100\/oz.<\/p>\n

Meanwhile, investors are eagerly awaiting next week\u2019s economic data, most notably housing data and U.S. Prelim GDP on Tuesday.\u00a0 Should global econ data continue to disappoint, investors may choose to divest from riskier assets including gold since it tends to be negatively correlated with the Dollar and positively correlated with the S&P futures.<\/p>\n

Technically speaking, we\u2019re still hesitant to place a downtrend line on gold until we witness further consolidation\/profit-taking.\u00a0 That being said, gold\u2019s psychological $1150\/oz continues to serve as the only viable topside technical due to the lack of historical perspective.\u00a0 As for the downside, gold has multiple uptrend lines serving as technical cushions along with 11\/16 lows and the psychological $1100\/oz level should conditions deteriorate over the near-term.<\/p>\n

Present Price: $1139.20\/oz<\/p>\n

Resistances: $1143.05\/oz, $1145.61\/oz, $1150.09oz, $1152.65\/oz<\/p>\n

Supports: $1137.60\/oz, $1134.71\/oz, $1130.54\/oz, $1127.24\/oz, $1123.51\/oz, $1118.39\/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 finally experiencing a period of consolidation following its incessant rise to $1150\/oz.\u00a0 Gold is consolidating around the $1140\/oz level, right along our 3rd tier uptrend lien while setting lower highs in the process.\u00a0 Gold\u2019s weakness comes in reaction to pullbacks in the EUR\/USD, AUD\/USD, and GBP\/USD.\u00a0 Additionally, the S&P … <\/p>\n

Continue reading “Gold Consolidates Around $1140\/oz with Broad-Based Dollar Strength”<\/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-4932","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/4932","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=4932"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/4932\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=4932"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=4932"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=4932"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}