{"id":7483,"date":"2010-03-10T13:58:03","date_gmt":"2010-03-10T18:58:03","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=7483"},"modified":"2010-03-10T13:58:03","modified_gmt":"2010-03-10T18:58:03","slug":"gold-bounces-back-from-tuesday-lows","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/03\/10\/gold-bounces-back-from-tuesday-lows\/","title":{"rendered":"Gold Bounces Back from Tuesday Lows"},"content":{"rendered":"

Gold found support in our 1st tier uptrend line yesterday and has bounced back from Tuesday lows, avoiding a retest of $1100\/oz in the process.\u00a0 Gold is now back in the middle of its present trading range as gains in the Aussie and Loonie are counterbalanced by overall weakness in the Cable and Euro.\u00a0 That being said, it will be interesting to see how the \"\"<\/a>Cable and EUR\/USD react to tomorrow\u2019s key data sets from China, Australia and the U.S.\u00a0 Should the Cable and EUR\/USD manage a solid risk rally and the Aussie continue its upward trajectory, then gold may receive the boost it needs to challenge our downtrend lines.\u00a0 On the other hand, should the Aussie and Loonie falter and the Cable continue its slide, then gold may follow suit due to correlative influences.\u00a0 Regardless, activity could pick up over the next 24-48 hours considering the wealth of data we\u2019ll be receiving from the Pacific and U.S.<\/p>\n

Technically speaking, gold faces multiple downtrend lines along with 3\/5 and 3\/3 highs.\u00a0 Furthermore, the psychological $1150\/oz level could serve as a technical barrier should it be reached.\u00a0\u00a0 As for the downside, gold still has multiple uptrend lines serving as technical cushions, highlighted by our 1st tier which runs through 2\/23 lows.\u00a0 Furthermore, gold has the psychological $1100\/oz level working in its favor should it be tested.
\nPresent Price: $1122.50\/oz<\/p>\n

Resistances: $1123.85\/oz, $1125.97\/oz, $1128.16\/oz, $1130.35\/ oz, $1132.66\/oz, $1135.91\/oz<\/p>\n

Supports: $1120.61\/oz, $1118.06\/oz, $1116.20\/oz, $1114.26\/oz, $1111.60\/oz, $1108.32\/oz<\/p>\n

Psychological: $1100\/oz, $1150\/oz, January Highs, March highs and Lows<\/p>\n

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

(click chart 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 found support in our 1st tier uptrend line yesterday and has bounced back from Tuesday lows, avoiding a retest of $1100\/oz in the process.\u00a0 Gold is now back in the middle of its present trading range as gains in the Aussie and Loonie are counterbalanced by overall weakness in the Cable and Euro.\u00a0 That … <\/p>\n

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