{"id":5773,"date":"2010-01-11T12:11:40","date_gmt":"2010-01-11T17:11:40","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=5773"},"modified":"2010-01-11T12:11:40","modified_gmt":"2010-01-11T17:11:40","slug":"gold-continues-rally-on-chinas-encouraging-trade-balance","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/01\/11\/gold-continues-rally-on-chinas-encouraging-trade-balance\/","title":{"rendered":"Gold Continues Rally on China\u2019s Encouraging Trade Balance"},"content":{"rendered":"

By Fast Brokers<\/strong> – Gold charged past its psychological $1150\/oz level today after solid Trade Balance data from China sparked a return to the risk trade.\u00a0 The FX markets experienced a jolt in activity today with the Dollar selling off across the board, a positive catalyst for gold considering their negative correlation.\u00a0 Gold has recovered nicely from December 2009 lows and continues to build upon its 2010 momentum.\u00a0 However, the precious metal appears to be cooling off right now as it tops around $1160\/oz, just shy of 12\/8 highs.\u00a0 We notice similar movements in the EUR\/USD and GBP\/USD, meaning gold\u2019s correlative behavior is back in full swing.\u00a0 Meanwhile, investors are looking ahead to tomorrow\u2019s U.S. Trade Balance data.\u00a0 It will be interesting to see what impact this data point has on the FX markets considering the Greenback has rallied recently on positive U.S. data.\u00a0 Hence, solid U.S. Trade Balance data could place a speed bump in gold\u2019s current uptrend.<\/p>\n

Technically speaking, gold has multiple uptrend lines serving as technical cushions along with intraday, 1\/8, 12\/30, and 12\/22 lows.\u00a0 Meanwhile, gold\u2019s psychological $1150\/oz area could serve as a technical cushion.\u00a0 As for the topside, gold faces technical barriers in the form of 12\/7 and 11\/18, 11\/23, and 11\/27 highs along with the psychological $1175\/oz level.<\/p>\n

Present Price: $1152.65\/oz<\/p>\n

Resistances: $1156.12\/oz, $1160.50\/oz, $1165.20\/oz, $1168.96\/oz, $1173.34\/oz, $1178.36\/oz<\/p>\n

Supports: $1150.48\/oz, $1146.72\/oz, $1143.90\/oz, $1139.51\/oz, $1137.01\/oz, $1130.43\/oz<\/p>\n

Psychological: $1175\/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 charged past its psychological $1150\/oz level today after solid Trade Balance data from China sparked a return to the risk trade.\u00a0 The FX markets experienced a jolt in activity today with the Dollar selling off across the board, a positive catalyst for gold considering their negative correlation.\u00a0 Gold has recovered … <\/p>\n

Continue reading “Gold Continues Rally on China\u2019s Encouraging Trade Balance”<\/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-5773","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5773","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=5773"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5773\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=5773"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=5773"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=5773"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}