{"id":6108,"date":"2010-01-21T12:48:24","date_gmt":"2010-01-21T17:48:24","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=6108"},"modified":"2010-01-21T12:48:24","modified_gmt":"2010-01-21T17:48:24","slug":"gold-drops-like-a-rock-as-equities-tumble","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/01\/21\/gold-drops-like-a-rock-as-equities-tumble\/","title":{"rendered":"Gold Drops Like a Rock as Equities Tumble"},"content":{"rendered":"

By Fast Brokers<\/strong> – Gold is undergoing a hefty selloff right now as the S&P futures drop through key technical supports in reaction to weaker than expected weekly Unemployment Claims and Philly Manufacturing data.\u00a0 Today\u2019s negative data set tipped the scale considering the rally the Dollar has been on lately.\u00a0 The Dollar initially rallied during the Asia trading session after China\u2019s pricing data printed hotter than analyst expectations, extending gains in the Dollar against all major pairs as investors headed for safety in fear of tighter liquidity from China.\u00a0 Gold followed the Dollar\u2019s lead, declining to its psychological $1100\/oz level before bouncing off our 1st tier uptrend line.\u00a0 However, gold has since dropped below our 1st tier and we notice a similar pullback in the S&P futures.\u00a0 Hence, we could be entering a more extensive decline for both gold and the S&P futures over the near-term.\u00a0 Our 1st tier uptrend line carries added weight since it runs through December 09 lows, or the psychological $1075\/oz area.\u00a0 Meanwhile, investors should keep an eye on the S&P futures and monitor their ability to stabilize for such an occurrence could allow gold to set a temporary bottom.<\/p>\n

Present Price: $1095.20\/oz<\/p>\n

Resistances: $1097.02, $1102.62\/oz, $1106.04\/oz, $1110.08\/oz, $1114.47\/oz, $1117.85\/oz<\/p>\n

Supports: $1093.29\/oz, $1089.87\/oz, $1085.52\/oz, $1082.10\/oz, $1079.30\/oz, $1074.95\/oz<\/p>\n

Psychological: $1075\/oz, $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 hefty selloff right now as the S&P futures drop through key technical supports in reaction to weaker than expected weekly Unemployment Claims and Philly Manufacturing data.\u00a0 Today\u2019s negative data set tipped the scale considering the rally the Dollar has been on lately.\u00a0 The Dollar initially rallied during … <\/p>\n

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