{"id":6298,"date":"2010-01-27T11:05:50","date_gmt":"2010-01-27T16:05:50","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=6298"},"modified":"2010-01-27T11:05:50","modified_gmt":"2010-01-27T16:05:50","slug":"gold-consolidates-as-investors-wait-for-data-and-fed","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/01\/27\/gold-consolidates-as-investors-wait-for-data-and-fed\/","title":{"rendered":"Gold Consolidates as Investors Wait for Data and Fed"},"content":{"rendered":"

By Fast Brokers <\/strong>– Gold is continuing its consolidation around the psychological $1100\/oz level as the Dollar wavers ahead of U.S. New Home Sales and the Fed\u2019s monetary policy decision.\u00a0 The chaotic appearance of our chart implies that gold could be approaching a turning point.\u00a0 All of our trend lines are colliding while the EUR\/USD and AUD\/USD trade around key supports.\u00a0 That being said, investors should monitor the major Dollar crosses for any considerable technical setbacks for this could forewarn of a similar decline in gold.\u00a0 On the other hand, should the major Dollar pairs be able to stabilize and the Dollar weaken, this could help gold make up for some of January\u2019s lost ground.\u00a0 In addition to today\u2019s data and Fed decision, Obama will also deliver his State of the Union tonight followed by U.S. Durable Goods Orders tomorrow.\u00a0 Hence, volatility could pick up over the next 24-48 hours.<\/p>\n

Technically speaking, gold has multiple uptrend lines serving as technical cushions along December \u201909 lows should they be tested.\u00a0 As for the topside, gold faces a few steep downtrend lines along with the highly psychological $1100\/oz level.\u00a0 Furthermore, intraday and 12\/31 highs could serve as technical barriers should they be reached.<\/p>\n

Present Price: $1093.25\/oz<\/p>\n

Resistances: $1096.91\/oz, $1100.67\/oz, $1103.49\/oz, $1106.31\/oz, $1110.07\/oz, $1115.39\/oz<\/p>\n

Supports: $1088.45\/oz, $1085.01\/oz, $1082.10\/oz, $1079.30\/oz, $1074.95\/oz, $1070.65\/oz<\/p>\n

Psychological: $1075\/oz, $1100\/oz, December 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 is continuing its consolidation around the psychological $1100\/oz level as the Dollar wavers ahead of U.S. New Home Sales and the Fed\u2019s monetary policy decision.\u00a0 The chaotic appearance of our chart implies that gold could be approaching a turning point.\u00a0 All of our trend lines are colliding while the EUR\/USD … <\/p>\n

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