{"id":5630,"date":"2010-01-04T10:29:43","date_gmt":"2010-01-04T15:29:43","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=5630"},"modified":"2010-01-04T10:29:43","modified_gmt":"2010-01-04T15:29:43","slug":"gold-pops-back-above-1100oz","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/01\/04\/gold-pops-back-above-1100oz\/","title":{"rendered":"Gold Pops Back Above $1100\/oz"},"content":{"rendered":"

By Fast Brokers <\/strong>– Gold is logging solid gains today as we witness broad based Dollar weakness in the FX markets today.\u00a0 Dollar weakness is an ideal environment for gold bulls since the precious metal has proven to be negatively correlated against the Greenback as investors head towards the risk trade.\u00a0 Meanwhile, investors are waiting for America\u2019s ISM Manufacturing PMI number coming in about an hour\u2019s time.\u00a0 It will be interesting to monitor the Dollar\u2019s reaction to today\u2019s U.S. release since investors were buying up the Greenback on positive data during the month of December.\u00a0 Hence, a strong Manufacturing PMI figure could temper gold\u2019s present upward momentum.\u00a0 Despite today\u2019s data release, investors are likely honing in on Wednesday\u2019s U.S. Non-Farm Employment Change number.\u00a0 December\u2019s Dollar rally was triggered by a turnaround in U.S. employment data.\u00a0 Therefore, Wednesday\u2019s release could really move gold and the Dollar should the figure surprise in either direction.<\/p>\n

Technically speaking, gold has multiple uptrend lines serving as technical cushions along with 12\/31, 12\/30 and 12\/22 lows.\u00a0 On an encouraging note, gold has set consecutive higher lows after bottoming out in December and we are unable to form a noteworthy downtrend line.\u00a0 Therefore, gold could have some decent upward mobility should the Dollar continue to weaken.\u00a0 Meanwhile, our 4th tier uptrend line could prove to be an important trend line since it runs through 10\/28 lows, or the $1025\/oz level.\u00a0 As for the topside, gold faces technical barriers in the form of 12\/17 highs along with the psychological $1150\/oz level.<\/p>\n

Present Price: $1117.55\/oz<\/p>\n

Resistances:\u00a0 $1117.80\/oz, $1122.70\/oz, $1128.09\/oz, $1132.99\/oz, $1137.41\/oz, $1141.33\/oz<\/p>\n

Supports: $1110.94\/oz, $1104.83\/oz, $1100.55\/oz, $1096.27\/oz, $1092.91\/oz<\/p>\n

Psychological: $1100\/oz, $1150\/oz, December lows<\/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 is logging solid gains today as we witness broad based Dollar weakness in the FX markets today.\u00a0 Dollar weakness is an ideal environment for gold bulls since the precious metal has proven to be negatively correlated against the Greenback as investors head towards the risk trade.\u00a0 Meanwhile, investors are waiting … <\/p>\n

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