{"id":6054,"date":"2010-01-20T13:34:23","date_gmt":"2010-01-20T18:34:23","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=6054"},"modified":"2010-01-20T13:34:23","modified_gmt":"2010-01-20T18:34:23","slug":"gold-tumbles-amid-broad-based-dollar-strength","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/01\/20\/gold-tumbles-amid-broad-based-dollar-strength\/","title":{"rendered":"Gold Tumbles Amid Broad-Based Dollar Strength"},"content":{"rendered":"

By Fast Brokers<\/strong> – Gold is undergoing a heavy selloff right now in reaction to a combination of a huge pullback in the Euro combined with broad-based Dollar strength after an encouraging improvement in U.S. Building Permits.\u00a0 Today\u2019s rally in the Dollar has had its expected impact on gold considering their negative correlation.\u00a0 Losses accelerated in the precious metal after it dipped below our 3rd tier uptrend line.\u00a0 Meanwhile, it seems that a retest of our 1st tier uptrend line and the highly psychological $1100\/oz level could be in order.\u00a0 Attention will now turn to China with the release of GDP and Industrial Production coming during tomorrow\u2019s Asia trading session.\u00a0 Furthermore, investors will receive EU PMI data along with U.S. weekly Unemployment Claims and the Philly Manufacturing Index.\u00a0 Hence, volatility could remain at a heightened state for the next 24 hours.\u00a0 That being said, investors should keep a close eye on the interaction between gold and its highly $1100\/oz level should it be tested.\u00a0 Furthermore, investors should take note of signs of stability in the major Dollar crosses, particularly the EUR\/USD.\u00a0 Once the EUR\/USD does create a base this should yield stability in gold as well.<\/p>\n

Present Price: $1113.30\/oz<\/p>\n

Resistances: $1114.45, $1118.16\/oz, $1121.93\/oz, $1125.93\/oz, $1128.42\/oz, $1134.33\/oz<\/p>\n

Supports: $1111.01\/oz, $1109.15\/oz, $1106.04\/oz, $1100.44\/oz, $1096.40\/oz, $11093.29\/oz<\/p>\n

Psychological: $1100\/oz<\/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 undergoing a heavy selloff right now in reaction to a combination of a huge pullback in the Euro combined with broad-based Dollar strength after an encouraging improvement in U.S. Building Permits.\u00a0 Today\u2019s rally in the Dollar has had its expected impact on gold considering their negative correlation.\u00a0 Losses accelerated … <\/p>\n

Continue reading “Gold Tumbles Amid Broad-Based Dollar Strength”<\/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-6054","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/6054","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=6054"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/6054\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=6054"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=6054"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=6054"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}