{"id":7324,"date":"2010-03-04T12:49:46","date_gmt":"2010-03-04T17:49:46","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=7324"},"modified":"2010-03-04T12:49:46","modified_gmt":"2010-03-04T17:49:46","slug":"gold-tops-and-declines","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/03\/04\/gold-tops-and-declines\/","title":{"rendered":"Gold Tops and Declines"},"content":{"rendered":"

Gold has topped out and is trading back around $1130\/oz following the precious metal\u2019s solid topside breakout.\u00a0 Gold is heading lower following a negative reaction to U.S. data revealing a large decline in Pending Home Sales.\u00a0 Today\u2019s discouraging U.S. housing figure sent investors towards the Dollar for safety, knocking the risk trade and dragging gold lower with it.\u00a0 The precious metal was outperforming lately despite the Dollar\u2019s strength.\u00a0 However, gold is playing along today and some profit taking isn\u2019t surprising since the precious metal was getting awfully close to its psychological $1150\/oz level and previous 2010 highs.\u00a0 Meanwhile, the markets could end the trading session on a volatile note with an important EU meeting tomorrow followed by key U.S. employment data.\u00a0 The U.S. will release its Non-Farm Employment Change and headline Unemployment Rate figures.\u00a0 Although the ADP printed about in line with expectations on Wednesday, the advance number has been known to be somewhat unreliable in the past.\u00a0 Therefore, investors should keep an eye on the Dollar\u2019s reaction to tomorrow\u2019s news and data events.<\/p>\n

Technically speaking, we\u2019ve formed two new makeshift downtrend lines running through 3\/3 levels to give investors an idea of present resistance.\u00a0 Gold is still well above downtrend lines running through 2\/19 and 1\/11 highs, meaning there aren\u2019t any foreseeable noteworthy downtrend lines in play right now.\u00a0 As for the downside, gold has multiple uptrend lines serving as technical cushions along with 3\/2 lows.\u00a0 Additionally, the highly psychological $1100\/oz level could serve as a reliable technical cushions should it be tested.<\/p>\n

Present Price: $1128.95\/oz<\/p>\n

Resistances: $1131.07\/oz, $1134.88\/oz, $1138.68\/oz, $1140.96\/ oz, $1143.46\/oz, $1146.29\/oz<\/p>\n

Supports: $1126.71\/oz, $1123.03\/oz, $1120.42\/oz, $1117.76\/oz, $1114.72\/oz, $1110.53\/oz<\/p>\n

Psychological: $1100\/oz, $1125\/oz, $1150\/oz, January Highs, March 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 has topped out and is trading back around $1130\/oz following the precious metal\u2019s solid topside breakout.\u00a0 Gold is heading lower following a negative reaction to U.S. data revealing a large decline in Pending Home Sales.\u00a0 Today\u2019s discouraging U.S. housing figure sent investors towards the Dollar for safety, knocking the risk trade and dragging gold … <\/p>\n

Continue reading “Gold Tops and Declines”<\/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-7324","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/7324","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=7324"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/7324\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=7324"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=7324"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=7324"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}