{"id":5743,"date":"2010-01-08T11:04:42","date_gmt":"2010-01-08T16:04:42","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=5743"},"modified":"2010-01-08T11:04:42","modified_gmt":"2010-01-08T16:04:42","slug":"gold-rises-in-reaction-to-discouraging-jobs-data","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/01\/08\/gold-rises-in-reaction-to-discouraging-jobs-data\/","title":{"rendered":"Gold Rises in Reaction to Discouraging Jobs Data"},"content":{"rendered":"

By Fast Brokers<\/strong> – Gold popped off what is now our 3rd tier uptrend line after U.S. Employment Change data printed weaker than analyst estimates.\u00a0 The pullback in employment data yielded knee-jerk selloff in the Dollar, a positive catalyst for gold since it is negatively correlated with the Greenback.\u00a0 However, upward momentum in the EUR\/USD and GBP\/USD is tempering at the moment, so investors should monitor whether the Dollar continues its downward trajectory as the trading session progresses.\u00a0 We wouldn\u2019t be surprised to see the Dollar to add onto intraday losses considering the level of anticipation heading into today\u2019s release.\u00a0 Investors should keep in mind that the Dollar\u2019s December rally was triggered by a turnaround in U.S. employment data.\u00a0 Hence, today\u2019s dip in employment has understandably resulted in Dollar weakness.\u00a0 Meanwhile, gold is staring down previous January highs with the psychological $1150\/oz level hanging nearby.<\/p>\n

Technically speaking, gold has multiple uptrend lines serving as technical cushions along with intraday, 1\/05, 12\/30, and 12\/22 lows.\u00a0 On an encouraging note, gold continues to 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 further.\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: $1137.13\/oz<\/p>\n

Resistances: $1138.89\/oz, $1141.33\/oz, $1144.84\/oz, $1148.91\/oz, $1153.17\/oz, $1159.25\/oz<\/p>\n

Supports: $1133.56\/oz, $1131.08\/oz, $1128.24\/oz, $1124.16\/oz, $1119.47\/oz, $1115.08\/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 popped off what is now our 3rd tier uptrend line after U.S. Employment Change data printed weaker than analyst estimates.\u00a0 The pullback in employment data yielded knee-jerk selloff in the Dollar, a positive catalyst for gold since it is negatively correlated with the Greenback.\u00a0 However, upward momentum in the EUR\/USD … <\/p>\n

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