{"id":5265,"date":"2009-12-14T12:29:03","date_gmt":"2009-12-14T17:29:03","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=5265"},"modified":"2009-12-14T12:29:03","modified_gmt":"2009-12-14T17:29:03","slug":"gold-continues-avoids-retest-of-1100oz","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/12\/14\/gold-continues-avoids-retest-of-1100oz\/","title":{"rendered":"Gold Continues Avoids Retest of $1100\/oz"},"content":{"rendered":"

By Fast Brokers <\/strong>– Gold has managed to avoid a retest of the psychological $1100\/oz level thus far.\u00a0 The precious metal is about where we left it on Friday as we witness consolidative patterns in the FX markets.\u00a0 Gold has been under quite a bit of selling pressure since the beginning of the month, so consolidation is a healthy technical development for the time being.\u00a0 That being said, the EUR\/USD and GBP\/USD are testing the patience of their uptrend by consolidating just above their respective key uptrend lines.\u00a0 Hence, another wave of Dollar strength could result in a sizable leg down in both currency pairs, meaning gold could follow suit considering its negative correlation to the Greenback.\u00a0 As a result, investors should keep an eye on the major Dollar crosses as we receive another set of key economic data from the U.S., EU, and Britain.\u00a0 The EU will release ZEW Economic Sentiment data followed by CPI and RPI figures from the UK.\u00a0 However, the spotlight could be on the U.S. since it will release its PPI, Empire Index, Industrial Production, TIC Long-Term Purchases, Capacity Utilization Rate, and Industrial Production.\u00a0 Should America\u2019s econ data outperform once again it will be interesting to see whether the FX markets experience another wave of broad-based Dollar strength.<\/p>\n

Technically speaking, gold has multiple uptrend lines serving as technical cushions along with 12\/9, 11\/13, and 11\/10 lows.\u00a0 Furthermore, the psychological $1100\/oz level could serve as a reliable technical support should it be tested.\u00a0 As for the topside, we\u2019ve placed a downtrend line on our chart, albeit a steep one.\u00a0 Additionally, gold faces topside technical barriers in the form of 12\/9 and 12\/7 highs along with the psychological $1150\/oz and $1175\/oz levels.<\/p>\n

Present Price: $1122.90oz<\/p>\n

Resistances: $1123.03\/oz, $1128.34\/oz, $1134.47\/oz, $1141.42\/oz, $1147.54\/oz, $1152.85\/oz<\/p>\n

Supports: $1115.27\/oz, $1110.77\/oz, $1105.05\/oz, $1100.15\/oz, $1097.29\/oz, $1089.12\/oz<\/p>\n

Psychological: $1100\/oz, $1150\/oz, $1175\/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 has managed to avoid a retest of the psychological $1100\/oz level thus far.\u00a0 The precious metal is about where we left it on Friday as we witness consolidative patterns in the FX markets.\u00a0 Gold has been under quite a bit of selling pressure since the beginning of the month, so … <\/p>\n

Continue reading “Gold Continues Avoids Retest of $1100\/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-5265","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5265","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=5265"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5265\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=5265"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=5265"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=5265"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}