{"id":4962,"date":"2009-11-24T12:39:57","date_gmt":"2009-11-24T17:39:57","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=4962"},"modified":"2009-11-24T12:39:57","modified_gmt":"2009-11-24T17:39:57","slug":"gold-rockets-towards-1175oz","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/11\/24\/gold-rockets-towards-1175oz\/","title":{"rendered":"Gold Rockets Towards $1175\/oz"},"content":{"rendered":"

By Fast Brokers<\/strong> – Gold is consolidating along our 3rd tier uptrend line as the S&P futures bobble around 1100 and the EUR\/USD fluctuates between trend lines.\u00a0 The reaction to today\u2019s U.S. GDP and Consumer Confidence releases have been relatively quiet thus far, implying that activity may be winding down in advance to the Thanksgiving holiday.\u00a0 Gold has responded by holding onto yesterday\u2019s impressive gains towards $1170\/oz on the heels of more dovish comments from Fed officials.\u00a0 That being said, the Fed will release its Meeting Minutes this afternoon PST.\u00a0 If the Fed\u2019s minutes further support extending loose monetary policies, then it will be interesting to see whether the gold responds with another surge higher as investors and central banks divest from the Dollar.\u00a0 Meanwhile, investors will receive some key U.S. and EU data points tomorrow, meaning the markets could experience a slight jolt of activity before Thanksgiving Day.\u00a0 Therefore, investors should continue to eye the EUR\/USD\u2019s present interaction with our trend lines and its highly psychological 1.50 level since the currency pair is normally positively correlated with gold.<\/p>\n

Technically speaking, we\u2019re unable to place any notable topside barriers or downtrend lines on our chart due to the lack of historical perspective.\u00a0 Therefore, the psychological $1175\/oz and $1200\/oz levels appear to be the only topside technicals at work for the time being.\u00a0 As for the downside, we continue to move our multiple uptrend lines higher while 11\/20 lows and the psychological $1150\/oz level serve as technical cushions.<\/p>\n

Present Price: $1167.20\/oz<\/p>\n

Resistances: $1170.16\/oz, $1173.02\/oz<\/p>\n

Supports: $1163.85\/oz, $1160.69\/oz, $1152.65\/oz, $1150.09\/oz, $1139.50\/oz, $1132.01\/oz<\/p>\n

Psychological: $1175\/oz, $1200\/oz, $1050\/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 consolidating along our 3rd tier uptrend line as the S&P futures bobble around 1100 and the EUR\/USD fluctuates between trend lines.\u00a0 The reaction to today\u2019s U.S. GDP and Consumer Confidence releases have been relatively quiet thus far, implying that activity may be winding down in advance to the Thanksgiving … <\/p>\n

Continue reading “Gold Rockets Towards $1175\/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-4962","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/4962","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=4962"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/4962\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=4962"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=4962"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=4962"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}