{"id":5712,"date":"2010-01-07T11:59:03","date_gmt":"2010-01-07T16:59:03","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=5712"},"modified":"2010-01-07T11:59:03","modified_gmt":"2010-01-07T16:59:03","slug":"gold-tops-out-following-solid-run","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/01\/07\/gold-tops-out-following-solid-run\/","title":{"rendered":"Gold Tops Out Following Solid Run"},"content":{"rendered":"

By Fast Brokers<\/strong> – Gold is topping out below $1150\/oz after a solid run despite recent weakness in the EUR\/USD and GBP\/USD.\u00a0 However, it seems gold\u2019s usual negative correlation with the Dollar is coming back into play today.\u00a0 Gold is edging lower as we witness broad-based strength in the Greenback in reaction to a monetary tightening in China combined with weak data from the EU.\u00a0 Meanwhile, attention remains focused on tomorrow\u2019s U.S. data set.\u00a0 The U.S. will release its headline Unemployment Rate and Employment Change figures.\u00a0 Seeing as a turnaround in U.S. employment triggered December\u2019s Dollar rally, tomorrow\u2019s employment data could stir up volatility in the FX markets should the numbers deviate from analyst expectations.\u00a0 Stronger than expected U.S employment data could encourage investors to snap up the Dollar again, normally a negative catalyst for the gold. On the other hand, discouraging employment numbers could yield broad-based weakness in the Dollar, a negative development for gold.\u00a0 Therefore, investors should keep an eye on the Dollar\u2019s reaction to tomorrow\u2019s economic data releases.<\/p>\n

Technically speaking, gold has multiple uptrend lines serving as technical cushions along with 1\/05, 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 currently unable to form a noteworthy downtrend line.\u00a0 Therefore, gold could have some decent upward mobility should the Dollar weaken in reaction to upcoming U.S. data.\u00a0 Meanwhile, our 1st 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 and 11\/18 highs along with the psychological $1150\/oz level.<\/p>\n

Present Price: $1130.25\/oz<\/p>\n

Resistances:\u00a0 $1132.99\/oz, $1137.41\/oz, $1141.33\/oz, $1145.40\/oz, $1149.29\/oz, $1153.17\/oz<\/p>\n

Supports: $1128.09\/oz, $1124.03\/oz, $1119.82\/oz, $1115.29\/oz, $1110.43\/oz, $1105.57\/oz<\/p>\n

Psychological: $1100\/oz, $1150\/oz, December highs and January lows<\/p>\n

(click to enlarge)<\/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 topping out below $1150\/oz after a solid run despite recent weakness in the EUR\/USD and GBP\/USD.\u00a0 However, it seems gold\u2019s usual negative correlation with the Dollar is coming back into play today.\u00a0 Gold is edging lower as we witness broad-based strength in the Greenback in reaction to a monetary … <\/p>\n

Continue reading “Gold Tops Out Following Solid Run”<\/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-5712","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5712","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=5712"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5712\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=5712"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=5712"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=5712"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}