{"id":5909,"date":"2010-01-15T13:58:10","date_gmt":"2010-01-15T18:58:10","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=5909"},"modified":"2010-01-15T13:58:10","modified_gmt":"2010-01-15T18:58:10","slug":"gold-drifts-lower-as-dollar-rallies","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/01\/15\/gold-drifts-lower-as-dollar-rallies\/","title":{"rendered":"Gold Drifts Lower as Dollar Rallies"},"content":{"rendered":"

By Fast Brokers<\/strong> – Gold is drifting lower today as the Dollar rallies across the board amid risk-aversion.\u00a0 The Dollar\u2019s rally began during the Asia trading session after the EU released more bleak statements in regards to the state of Greece\u2019s economy.\u00a0 Furthermore, the AUD\/USD dropped as reality sunk in that China is tightening liquidity, cooling down the globe\u2019s hottest economy.\u00a0 Additional hawkish monetary measures from China could decreases demand for Australia\u2019s commodities and this realization dragged the Aussie lower.\u00a0 Meanwhile, the U.S. released sluggish Industrial Production and UoM Consumer Sentiment data.\u00a0 Investors reacted by sending the Cable and AUD\/USD lower, a negative development for gold considering their positive correlation.\u00a0 However, gold is holding up relatively well despite a retreat from the risk trade today.\u00a0 Gold is trading above intraday lows and has bounced off our 4th tier uptrend line.\u00a0 However, gold could be dragged lower should the Dollar continue to rally and the S&P futures extend their intraday losses.\u00a0 That being said, gold still has a solid support system in place.<\/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: $1131.75\/oz<\/p>\n

Resistances: $1136.38, $1138.89\/oz, $1141.39\/oz, $1145.47\/oz, $1148.91\/oz, $1153.61\/oz<\/p>\n

Supports: $1130.43\/oz, $1127.30\/oz, $1124.48\/oz, $1120.41\/oz, $1117.27\/oz, $1114.45\/oz<\/p>\n

Psychological: $1150\/oz, $1100\/oz, January and December highs, 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 drifting lower today as the Dollar rallies across the board amid risk-aversion.\u00a0 The Dollar\u2019s rally began during the Asia trading session after the EU released more bleak statements in regards to the state of Greece\u2019s economy.\u00a0 Furthermore, the AUD\/USD dropped as reality sunk in that China is tightening liquidity, … <\/p>\n

Continue reading “Gold Drifts Lower as Dollar Rallies”<\/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-5909","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5909","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=5909"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5909\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=5909"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=5909"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=5909"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}