{"id":5837,"date":"2010-01-13T11:43:13","date_gmt":"2010-01-13T16:43:13","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=5837"},"modified":"2010-01-13T11:43:13","modified_gmt":"2010-01-13T16:43:13","slug":"gold-sinks-below-1150oz-despite-dollar-weakness","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/01\/13\/gold-sinks-below-1150oz-despite-dollar-weakness\/","title":{"rendered":"Gold Sinks Below $1150\/oz Despite Dollar Weakness"},"content":{"rendered":"

By Fast Brokers<\/strong> – Gold incurred sizable losses yesterday despite aggressive topside movements in both the Cable and EUR\/USD.\u00a0 Gold\u2019s positive correlation is a bit puzzling and could be signaling further Dollar strength to come.\u00a0 Meanwhile, all eyes are turning to tomorrow\u2019s ECB meeting and the release of U.S. Retail Sales.\u00a0 These two events could yield volatility in the FX markets and gold would likely tag along for the ride.\u00a0 That being said, investors may want to disregard yesterday\u2019s positive correlation with the Dollar.\u00a0 We expect gold to maintain a negative correlation with the Dollar until further notice.\u00a0 Hence, investors should monitor activity in the EUR\/USD and Cable considering both currency pairs just broke out of their respective January highs.<\/p>\n

Technically speaking, gold has multiple uptrend lines serving as technical cushions along with 1\/13, 1\/8, 1\/5 lows.\u00a0 We recognize that gold has built a neckline along our 4th tier uptrend line.\u00a0 Hence, a movement below our 4th tier could result in a large step lower.\u00a0 Meanwhile, gold\u2019s psychological $1150\/oz area should continue to play a role for the near-term.\u00a0 As for the topside, gold faces technical barriers in the form of 1\/7 and 11\/18, 11\/23, and 11\/27 highs along with the psychological $1175\/oz level.<\/p>\n

Present Price: $1131.30\/oz<\/p>\n

Resistances: $1134.19, $1138.89\/oz, $1141.39\/oz, $1147.34\/oz, $1153.61\/oz, $1157.68\/oz<\/p>\n

Supports: $1130.43\/oz, $1127.30\/oz, $1124.48\/oz, $1119.47\/oz, $1114.45\/oz, $1111.63\/oz<\/p>\n

Psychological: $1150\/oz, January and December highs, January 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 incurred sizable losses yesterday despite aggressive topside movements in both the Cable and EUR\/USD.\u00a0 Gold\u2019s positive correlation is a bit puzzling and could be signaling further Dollar strength to come.\u00a0 Meanwhile, all eyes are turning to tomorrow\u2019s ECB meeting and the release of U.S. Retail Sales.\u00a0 These two events could … <\/p>\n

Continue reading “Gold Sinks Below $1150\/oz Despite Dollar Weakness”<\/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-5837","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5837","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=5837"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5837\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=5837"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=5837"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=5837"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}