{"id":5549,"date":"2009-12-29T10:58:25","date_gmt":"2009-12-29T15:58:25","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=5549"},"modified":"2009-12-29T10:58:25","modified_gmt":"2009-12-29T15:58:25","slug":"gold-consolidates-above-1100oz","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/12\/29\/gold-consolidates-above-1100oz\/","title":{"rendered":"Gold Consolidates Above $1100\/oz"},"content":{"rendered":"

By Fast Brokers<\/strong> – Gold has popped back above the highly psychological $1100\/oz level, which could turn out to be a hard fought battle since the area does carry some extra psychological weight.\u00a0 Gold is finding its strength in Dollar weakness as we witness pops and consolidation in the EUR\/USD and AUD\/USD.\u00a0 However, weakness in the Cable and strength in the USD\/JPY is likely tempering gains in gold along with the gravitation force of $1100\/oz.\u00a0 Meanwhile, activity should remain at a subdued level since we\u2019re in another holiday-shortened week.\u00a0 The U.S. will release some key economic data this week, beginning with today\u2019s CB Consumer Confidence and S&P HPI figures.\u00a0 More mixed U.S. data could yield additional Dollar weakness as investors lock-in recent Greenback gains, a positive catalyst for gold due to their negative correlation.\u00a0 That being said, markets could move a bit should upcoming data surprise in either direction.<\/p>\n

Technically speaking, gold has multiple uptrend lines serving as technical cushions along with 12\/18 and 12\/23 lows.\u00a0 As for the topside, gold faces technical barriers in the form of 12\/21,12\/15, and 12\/7 highs along with the psychological $1150\/oz level.<\/p>\n

Present Price: $1106.20\/oz<\/p>\n

Resistances:\u00a0 $1110.77\/oz, $1115.27\/oz, $1118.69\/oz, $1123.03\/oz, $1128.35\/oz, $1134.16\/oz<\/p>\n

Supports: $1104.51\/oz, $1100.58\/oz, $1094.14\/oz, $1088.30\/oz, $1082.58\/oz, $1079.61\/oz<\/p>\n

Psychological: $1100\/oz, $1150\/oz, $1075\/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 popped back above the highly psychological $1100\/oz level, which could turn out to be a hard fought battle since the area does carry some extra psychological weight.\u00a0 Gold is finding its strength in Dollar weakness as we witness pops and consolidation in the EUR\/USD and AUD\/USD.\u00a0 However, weakness in … <\/p>\n

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