{"id":7097,"date":"2010-02-24T12:34:21","date_gmt":"2010-02-24T17:34:21","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=7097"},"modified":"2010-02-24T12:34:21","modified_gmt":"2010-02-24T17:34:21","slug":"gold-drops-below-1100oz-2","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/02\/24\/gold-drops-below-1100oz-2\/","title":{"rendered":"Gold Drops Below $1100\/oz"},"content":{"rendered":"

Gold is trading back below its highly psychological $1100\/oz level amid weakness in the Cable and Aussie.\u00a0 Gold\u2019s large leg down during today\u2019s Asia trading session is a bit mysterious since the precious metal exhibited a relative weakness.\u00a0 That being said, investors should keep an eye on activity in the Dollar.\u00a0 Investors will have their eyes fixed on U.S. New Home Sales and Bernanke\u2019s Congressional testimony.\u00a0 Statements from Bernanke have the potential to create \"\"<\/a>considerable volatility in the FX markets.\u00a0 Hence, should Bernanke give any hints regarding a tighter monetary policy from the Fed, this could favor the Dollar and place further downward pressure on gold.\u00a0 On the other hand, should Bernanke reiterate a loose monetary policy for the foreseeable future the risk trade may be able to continue its stabilization and keep gold around $1100\/oz.\u00a0 However, the risk trade is tilting lower ahead of Bernanke, so it will be interesting to see how today\u2019s trading session plays out.\u00a0 Meanwhile the psychological $1100\/oz level could continue to have an influence on gold.\u00a0 Volatility in the FX markets could continue tomorrow with the release of Durable Goods Orders along with statements from King and Bernanke.\u00a0 Investors should also keep an eye on the EUR\/USD and Cable and their ability to hold above February lows.<\/p>\n

Technically speaking, gold faces multiple downtrend lines along with intraday and 2\/22 highs.\u00a0 As for the downside, gold has multiple uptrend lines serving as technical cushions along with 2\/18 lows and the highly psychological $1100\/oz level should it be tested.<\/p>\n

Present Price: $1094.25\/oz<\/p>\n

Resistances: $1096.04\/oz, $1098.51\/oz, $1100.74\/ oz, $1106.18\/oz, $1107.91\/oz<\/p>\n

Supports: $1093.81\/oz, $1091.58\/oz, $1089.87\/oz, $1087.66\/oz, $1085.21\/oz, $1083.25\/oz<\/p>\n

Psychological: $1100\/oz, $1125\/oz, February highs and lows<\/p>\n

\"\"<\/a><\/p>\n

(click to enlarge)<\/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":"

Gold is trading back below its highly psychological $1100\/oz level amid weakness in the Cable and Aussie.\u00a0 Gold\u2019s large leg down during today\u2019s Asia trading session is a bit mysterious since the precious metal exhibited a relative weakness.\u00a0 That being said, investors should keep an eye on activity in the Dollar.\u00a0 Investors will have their … <\/p>\n

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