{"id":5004,"date":"2009-11-27T09:15:39","date_gmt":"2009-11-27T14:15:39","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=5004"},"modified":"2009-11-27T09:15:39","modified_gmt":"2009-11-27T14:15:39","slug":"gold-sells-off-sharply-as-dollar-runs","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/11\/27\/gold-sells-off-sharply-as-dollar-runs\/","title":{"rendered":"Gold Sells Off Sharply As Dollar Runs"},"content":{"rendered":"

By Fast Brokers<\/strong> – Gold is finally experiencing a sizable setback after nearly hitting the psychological $1200\/oz level.\u00a0 News concerning the restructuring of debt in Dubai has sent a shockwave throughout equity and FX markets, resulting in large selloffs in global equities as well as bullish moves in the Dollar and Yen.\u00a0 In other words, we are witnessing a large risk aversion due to a spike in investor uncertainty, thereby knocking gold from the perch of its bubbly highs.\u00a0 Now that the Dubai news has sunk in, it will be interesting to see how far investors are willing to take the present flight from risk.\u00a0 That being said, investors may want to err on the cautious side considering how far crude fell after its bubble popped last year.\u00a0 Today\u2019s movement is certainly a sizable step back, yet a warranted one considering the bull run that has taken place since the eclipse of $1000\/oz.<\/p>\n

Meanwhile, gold has quite a few uptrend lines in place and the $1150\/oz level could prove to be a technical cushion along with 11\/17 lows.\u00a0 As for the topside, we\u2019re unable to place a downtrend line until we have a bit more track record to use.\u00a0 Therefore, the $1175 and $1200\/oz level serve as technical barriers along with 11\/23 and 11\/26 highs.\u00a0 For the time being investors should monitor the EUR\/USD\u2019s interaction with our uptrend lines along with the S&P\u2019s ability to mitigate intraday losses.\u00a0 We will certainly monitor the situation closely since today\u2019s volatility could carry over into next week.<\/p>\n

Present Price: $1159.60\/oz<\/p>\n

Resistances: $1161.90\/oz, $1167.02\/oz, $1170.16\/oz, $1173.02\/oz, $1178.54\/oz, $1182.37\/oz<\/p>\n

Supports: $1153.65\/oz, $1150.09\/oz, $1140.16\/oz, $1137.60\/oz, $1131.63\/oz, $1127.36\/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 finally experiencing a sizable setback after nearly hitting the psychological $1200\/oz level.\u00a0 News concerning the restructuring of debt in Dubai has sent a shockwave throughout equity and FX markets, resulting in large selloffs in global equities as well as bullish moves in the Dollar and Yen.\u00a0 In other words, … <\/p>\n

Continue reading “Gold Sells Off Sharply As Dollar Runs”<\/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-5004","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5004","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=5004"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5004\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=5004"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=5004"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=5004"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}