{"id":5458,"date":"2009-12-22T11:16:30","date_gmt":"2009-12-22T16:16:30","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=5458"},"modified":"2009-12-22T11:16:30","modified_gmt":"2009-12-22T16:16:30","slug":"gold-drops-below-1100oz","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/12\/22\/gold-drops-below-1100oz\/","title":{"rendered":"Gold Drops Below $1100\/oz"},"content":{"rendered":"

By Fast Brokers <\/strong>– Gold has dropped below the psychological $1100\/oz level as the Dollar\u2019s recent strength seems to finally be taking its toll on the precious metal due to their usual negative correlation.\u00a0 Gold\u2019s bull run continues to unwind as investors lock in profits and shuttle money back into the Dollar.\u00a0 That being said, gold does have a few more near-term uptrend lines we can form.\u00a0 However, should our new 1st tier uptrend line give way, gold could potentially be in for a more protracted pullback towards the highly psychological $1000\/oz level.\u00a0 Meanwhile, investors should monitor the ability of the EUR\/USD and GBP\/USD to consolidate and form new bases following their December downturns.\u00a0 Should the Dollar consolidate and top out, gold may hit bottom nearby.\u00a0 That being said, the EUR\/USD and GBP\/USD have both dropped beneath key uptrend lines in the past week, implying the Dollar could be in for more gains over the medium-term.\u00a0 Investors will now focus in on today\u2019s release of U.S. Existing Home Sales followed by tomorrow\u2019s New Home Sales.\u00a0 Additionally, the BoE will release its Monetary Policy Minutes.\u00a0 Hence, the FX markets could be in for more volatility before Christmas.\u00a0 Should upcoming data points exceed analyst expectations, investors may snap up the Dollar and continue to take profits in gold, and vice versa.<\/p>\n

Technically speaking, gold has multiple uptrend lines serving as technical cushions along with 11\/05 and 11\/03 lows.\u00a0 As for the topside, gold faces topside technical barriers in the form of intraday, 12\/21,12\/15, and 12\/7 highs along with the psychological $1100\/oz and $1150\/oz levels.<\/p>\n

Present Price: $1093.10\/oz<\/p>\n

Resistances: $1096.47\/oz, $1100.15\/oz, $1105.05\/oz, $1110.77\/oz, $1115.27\/oz, $1123.03\/oz<\/p>\n

Supports: $1088.30\/oz, $1082.58\/oz, $1079.61\/oz, $1074.96\/oz, $1070.53\/oz, $1063.56\/oz<\/p>\n

Psychological: $1100\/oz, $1075\/oz, $1150\/oz<\/p>\n

\"\"<\/a><\/p>\n

Market Commentary<\/strong><\/em> provided by Fast Brokers<\/strong>.<\/a><\/p>\n

Disclaimer:<\/strong> 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> 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 dropped below the psychological $1100\/oz level as the Dollar\u2019s recent strength seems to finally be taking its toll on the precious metal due to their usual negative correlation.\u00a0 Gold\u2019s bull run continues to unwind as investors lock in profits and shuttle money back into the Dollar.\u00a0 That being said, … <\/p>\n

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