{"id":5333,"date":"2009-12-16T11:28:06","date_gmt":"2009-12-16T16:28:06","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=5333"},"modified":"2009-12-16T11:28:06","modified_gmt":"2009-12-16T16:28:06","slug":"gold-trades-slightly-positive-with-fed-decision-approaching","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/12\/16\/gold-trades-slightly-positive-with-fed-decision-approaching\/","title":{"rendered":"Gold Trades Slightly Positive with Fed Decision Approaching"},"content":{"rendered":"

By Fast Brokers <\/strong>– Gold has continued to avoid a retest of the psychological $1100\/oz level, finding support above 12\/11 lows and our 4th tier uptrend line.\u00a0 The precious metal is experiencing a bit of intraday strength after U.S. economic data printed in line with analyst estimates.\u00a0 The EUR\/USD and AUD\/USD are continuing their consolidative patterns as the Cable pops in reaction to encouraging CCC data.\u00a0 That being said, gold seems to be following the broad-based sideways movement of the Dollar as investors await the Fed\u2019s monetary policy decision.\u00a0 Although the Fed is expected to keep its monetary policy unchanged, any slight tightening of its monetary policy stance in response to recent unemployment and consumption data could yield Dollar strength and gold weakness.\u00a0 However, if the Fed downplays the recent upturn in economic data and affirms its past monetary policy, then we may witness a bounce in gold and weakness in the Dollar.\u00a0 Regardless gold and the FX markets could be in for a bit of volatility as investors digest today\u2019s economic data along with the Fed\u2019s upcoming decision.\u00a0 Hence, investors should monitor activity in the FX markets, particularly in the EUR\/USD and AUD\/USD.\u00a0 Any significant setbacks in these currency pairs could drag gold lower due to the precious metal\u2019s negative correlation with the Dollar.<\/p>\n

Technically speaking, gold has multiple uptrend lines serving as technical cushions along with 12\/11, 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, gold faces topside technical barriers in the form of 12\/11,12\/9 and 12\/7 highs along with the psychological $1150\/oz and $1175\/oz levels.<\/p>\n

Present Price: $1130.60oz<\/p>\n

Resistances: $1134.47\/oz, $1141.42\/oz, $1147.54\/oz, $1152.45\/oz, $1158.98\/oz, $1164.29\/oz<\/p>\n

Supports: $1128.34\/oz, $1123.03\/oz, $1115.27\/oz, $1110.77\/oz, $1105.05\/oz, $1100.15\/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 continued to avoid a retest of the psychological $1100\/oz level, finding support above 12\/11 lows and our 4th tier uptrend line.\u00a0 The precious metal is experiencing a bit of intraday strength after U.S. economic data printed in line with analyst estimates.\u00a0 The EUR\/USD and AUD\/USD are continuing their consolidative … <\/p>\n

Continue reading “Gold Trades Slightly Positive with Fed Decision Approaching”<\/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-5333","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5333","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=5333"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5333\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=5333"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=5333"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=5333"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}