{"id":5162,"date":"2009-12-08T12:37:56","date_gmt":"2009-12-08T17:37:56","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=5162"},"modified":"2009-12-08T12:37:56","modified_gmt":"2009-12-08T17:37:56","slug":"gold-hovers-around-1150oz","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/12\/08\/gold-hovers-around-1150oz\/","title":{"rendered":"Gold Hovers Around $1150\/oz"},"content":{"rendered":"

By Fast Brokers<\/strong> – Gold bounced on Monday following Friday\u2019s hefty sell-off in reaction to encouraging U.S. employment data.\u00a0 Friday\u2019s data made investors snap up the Dollar in speculation that the Fed may raise interested rates sooner than anticipated, resulting in a selloff in gold due to the precious metal\u2019s negative correlation to the Dollar.\u00a0 However, Bernanke attempted to quell speculation yesterday by stating that the U.S. economy still faces headwinds, implying the Fed is not likely to raise rates in the foreseeable future barring very positive data confirmations over the near term.\u00a0 That being said, Bernanke\u2019s comments helped gold recover some of Friday\u2019s losses.<\/p>\n

Unfortunately for gold bulls, the Dollar is appreciating again after Moody\u2019s warned that the U.S. and UK could test the patience of their resepective Aaa ratings.\u00a0 Additionally, more uncertainty concerning Dubai\u2019s debt issue arose today.\u00a0 As a result, investors are favoring risk-averse investment vehicles , boosting the Dollar and sending gold back below its psychological $1150\/oz level.\u00a0 On a positive note, gold remains above Friday lows, indicating near-term supports remain intact for EUR\/USD and AUD\/USD.\u00a0 Hence, investors should keep an eye on these currency pairs should they interact with key supports because another wave of Dollar strength could knock gold back towards its psychological $1100\/oz level.<\/p>\n

Technicaly speaking, gold has multiple uptrend lines serving as technical cushions along with 12\/07, 11\/19, and 11\/12 lows.\u00a0 Furthermore, $1100\/oz could prove to be a strong psychological support should it be tested.\u00a0 As for the topside, we\u2019re still not able to confidently place a downtrend line due to the lack of hisorical perspective.\u00a0 However, gold does face technical obsticales in the form of intraday, 11\/23, and 11\/26 highs along with the psychological $1175\/oz and $1200\/oz levels.<\/p>\n

Present Price: $1145.75\/oz<\/p>\n

Resistances: $1149.18\/oz, $1153.67\/oz, $1161.84\/oz, $1165.11\/oz, $170.01\/oz, $1173.69\/oz<\/p>\n

Supports: $1143.46\/oz, $1138.56\/oz, $1134.47\/oz, $1129.98\/oz, $1126.71\/oz, $1123.03\/oz<\/p>\n

Psychological: $1150\/oz, $1175\/oz, $1100\/oz, $1200\/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 bounced on Monday following Friday\u2019s hefty sell-off in reaction to encouraging U.S. employment data.\u00a0 Friday\u2019s data made investors snap up the Dollar in speculation that the Fed may raise interested rates sooner than anticipated, resulting in a selloff in gold due to the precious metal\u2019s negative correlation to the Dollar.\u00a0 … <\/p>\n

Continue reading “Gold Hovers Around $1150\/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-5162","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5162","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=5162"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5162\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=5162"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=5162"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=5162"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}