{"id":5198,"date":"2009-12-09T12:57:11","date_gmt":"2009-12-09T17:57:11","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=5198"},"modified":"2009-12-09T12:57:11","modified_gmt":"2009-12-09T17:57:11","slug":"gold-continues-decline-with-strengthening-dollar","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/12\/09\/gold-continues-decline-with-strengthening-dollar\/","title":{"rendered":"Gold Continues Decline with Strengthening Dollar"},"content":{"rendered":"

By Fast Brokers<\/strong> – Gold is continuing its recent downturn as the Dollar strengthens in reaction to more negative debt news.\u00a0 Standard & Poor\u2019s downgraded Spain\u2019s credit outlook to negative in conjunction with discouraging news concerning the debt loads of Dubai and Greece.\u00a0 The discouraging developments in regards to government debt have delivered a negative psychological blow to investors, resulting in strength in both the Dollar and Yen as investors head for safety.\u00a0 Additionally, gold has been on an incredible run since breaking past its psychological $1000\/oz barrier.\u00a0 Therefore profit taking in gold is not too surprising and could end up being a positive development for gold\u2019s uptrend should economic fundamentals print positively.<\/p>\n

Investors will be receiving a key set of Aussie employment data during the Asia trading session tomorrow morning.\u00a0 Gold has been strongly correlated with the AUD\/USD and EUR\/USD, meaning investors should eye the Aussie\u2019s reaction to tomorrow morning\u2019s data releases.\u00a0 That being said, investors may also want to monitor the EUR\/USD\u2019s interaction with our approaching uptrend lines along with November lows should they be tested.\u00a0 Any noteworthy technical setbacks in the EUR\/USD or AUD\/USD could result in further downward pressure in gold.<\/p>\n

Technicaly speaking, gold still has multiple uptrend lines serving as technical cushions along with intraday and 12\/08 lows.\u00a0 However, should our 1st and 2nd tier uptrend lines give way, the currency pair may opt to retest its psychological $1100\/oz level.\u00a0 The $1100\/ozlevel 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 obstacles in the form of 12\/08, 11\/23, and 11\/26 highs along with the psychological\u00a0 $1150\/oz, $1175\/oz and $1200\/oz levels.<\/p>\n

Present Price: $1138.10oz<\/p>\n

Resistances: $1141.42\/oz, $1145.50\/oz, $1149.18\/oz, $1153.67\/oz, $1161.84\/oz, $1165.11\/oz<\/p>\n

Supports: $1134.47\/oz, $1129.98\/oz, $1126.71\/oz, $1123.03\/oz, $1117.72\/oz, $1113.22\/oz<\/p>\n

Psychological: $1100\/oz, $1150\/oz, $1175\/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 is continuing its recent downturn as the Dollar strengthens in reaction to more negative debt news.\u00a0 Standard & Poor\u2019s downgraded Spain\u2019s credit outlook to negative in conjunction with discouraging news concerning the debt loads of Dubai and Greece.\u00a0 The discouraging developments in regards to government debt have delivered a negative … <\/p>\n

Continue reading “Gold Continues Decline with Strengthening Dollar”<\/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-5198","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5198","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=5198"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5198\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=5198"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=5198"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=5198"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}