{"id":7258,"date":"2010-03-02T12:20:37","date_gmt":"2010-03-02T17:20:37","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=7258"},"modified":"2010-03-02T12:20:37","modified_gmt":"2010-03-02T17:20:37","slug":"gold-logs-key-gains","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/03\/02\/gold-logs-key-gains\/","title":{"rendered":"Gold Logs Key Gains"},"content":{"rendered":"

Gold continues to exert a relative strength and has popped past our 3rd tier downtrend line.\u00a0 Our 3rd tier downtrend line is key since it runs through February highs.\u00a0 Hence, a test and movement beyond the $1130\/oz area could be in the works.\u00a0 Gold is moving higher once again without the Euro and Pound, which are both mired in fiscal and political \"\"<\/a>uncertainties.\u00a0 Therefore, it appears gold may become a safe haven in its own right and ignore its negative correlation with the Greenback.\u00a0 However, we\u2019ll have to continue to monitor the situation to determine whether this becomes a more lasting deviation.\u00a0 Meanwhile, all is quiet on the data front today with a busy day on deck.\u00a0 The UK will release HPI and Services PMI data tomorrow followed by U.S. Services PMI and ADP Non-Farm Employment Change figures.\u00a0 Australia will kick off the day by printing its GDP during the Asia trading session.\u00a0 Hence, volatility could reignite tomorrow considering all of these data points carry some weight.<\/p>\n

Technically speaking, we left our trend lines as is today to give investors a clear picture of gold\u2019s breakout.\u00a0 That being said, Gold has no foreseeable downtrend lines from present price and faces technical barriers in the form of 2\/22 and 1\/20 highs.\u00a0 As for the downside, gold has multiple potential uptrend lines serving as technical cushions along with 3\/1 and 2\/23 lows.\u00a0 Additionally, the highly psychological $1100\/oz level could serve as a strong technical cushion should it be tested.
\nPresent Price: $1125.85\/oz<\/p>\n

Resistances: $1125.97\/oz, $1128.16\/oz, $1130.84\/oz, $1134.13\/ oz, $1135.82\/oz, $1138.73\/oz<\/p>\n

Supports: $1123.30\/oz, $1120.80\/oz, $1119.11\/oz, $1116.20\/oz, $1114.26\/oz, $1111.60\/oz<\/p>\n

Psychological: $1100\/oz, $1125\/oz, $1150\/oz, February highs<\/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 continues to exert a relative strength and has popped past our 3rd tier downtrend line.\u00a0 Our 3rd tier downtrend line is key since it runs through February highs.\u00a0 Hence, a test and movement beyond the $1130\/oz area could be in the works.\u00a0 Gold is moving higher once again without the Euro and Pound, which … <\/p>\n

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