{"id":5049,"date":"2009-12-01T14:15:55","date_gmt":"2009-12-01T19:15:55","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=5049"},"modified":"2009-12-01T14:15:55","modified_gmt":"2009-12-01T19:15:55","slug":"gold-challenges-1200oz","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/12\/01\/gold-challenges-1200oz\/","title":{"rendered":"Gold Challenges $1200\/oz"},"content":{"rendered":"

By Fast Brokers<\/strong> – Gold is knocking at its psychological $1200\/oz level as the precious metal benefits from a return to the risk trade.\u00a0 The combination of in line Chinese manufacturing data combined with another 25 basis rate increase from the RBA has boosted investor confidence recently dented by the Dubai debt issue.\u00a0 The Dollar has responded with broad-based weakness while the S&P futures fight for some topside separation beyond their highly psychological 1100 level.\u00a0 Weakness in the Dollar and strength in U.S. equities are developments supportive of gold\u2019s uptrend, allowing investors to set new all-time highs with a bit of confidence.\u00a0 Meanwhile, investors should monitor the reaction of U.S. equities to today\u2019s ISM Manufacturing PMI and Pending Home Sales releases.\u00a0 A breakout in the S&P futures could help gold climb above its psychological $1200\/oz level.\u00a0 Additionally, investors should keep an eye on the EUR\/USD\u2019s interaction with November highs and our 3rd tier downtrend line since gold is positively correlated to the currency pair.<\/p>\n

Technically speaking, gold has multiple uptrend lines serving as technical cushions in addition to 11\/30 and 11\/24 lows.\u00a0 Furthermore, the psychological $1175\/oz and $1150\/oz levels could serve as supports should they be tested.\u00a0 As for the topside, we\u2019re still unable to initiate a reliable downtrend line due to the lack of historical data.\u00a0 Therefore, the psychological $1200\/oz level serves as the only technical barrier for the time being.<\/p>\n

Present Price: $1191.85\/oz<\/p>\n

Resistances: $1195.55\/oz, $1198.87\/oz<\/p>\n

Supports: $1189.65\/oz, $1184.85\/oz, $1180.42\/oz, $1176.73\/oz, $1174.15\/oz, $1168.25\/oz<\/p>\n

Psychological: $1200\/oz, $1175\/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 knocking at its psychological $1200\/oz level as the precious metal benefits from a return to the risk trade.\u00a0 The combination of in line Chinese manufacturing data combined with another 25 basis rate increase from the RBA has boosted investor confidence recently dented by the Dubai debt issue.\u00a0 The Dollar … <\/p>\n

Continue reading “Gold Challenges $1200\/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-5049","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5049","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=5049"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5049\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=5049"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=5049"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=5049"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}