{"id":7571,"date":"2010-03-15T08:59:23","date_gmt":"2010-03-15T13:59:23","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=7571"},"modified":"2010-03-15T08:59:23","modified_gmt":"2010-03-15T13:59:23","slug":"gold-retests-1100oz","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/03\/15\/gold-retests-1100oz\/","title":{"rendered":"Gold Retests $1100\/oz"},"content":{"rendered":"

By Fast Brokers<\/strong> – Gold is retesting its highly psychological $1100\/oz area after Friday\u2019s pullback.\u00a0 Gold experienced another leg down despite pops in the EUR\/USD and GBP\/USD.\u00a0 These two currency pairs are normally positively correlated with gold, so it\u2019s interesting that gold isn\u2019t behaving according to its usual Dollar correlation.\u00a0 Meanwhile, gold is fighting to hold $1100\/oz.\u00a0 Gold did drop below our 2nd tier uptrend line on Friday, a negative development technically since the 2nd tier runs through 2\/12 lows, or the $1075\/oz . zone.\u00a0 Hence, gold could be in for further weakness over the near-term should the precious metal not overcome some topside technicals quickly.\u00a0 While gold sank below key technical cushions on Friday, the EUR\/USD and GBP\/USD popped above some important technical barriers.\u00a0 Therefore, it will be interesting to see whether we are witnessed a more lasting shift in correlation.\u00a0 The U.S. will be in focus again today with a thorough data set on the way.\u00a0 However, tomorrow\u2019s Fed meeting will likely capture the spotlight since investors will be watching to see whether the central bank shifts its loose monetary policy stance.\u00a0 The EU will also release its ZEW Economic Sentiment data tomorrow, meaning volatility could pick up in the FX markets over the next 24 hours.<\/p>\n

Technically speaking, gold faces multiple downtrend lines along with 3\/11and 3\/12 highs.\u00a0 As for the downside, gold still has multiple uptrend lines serving as technical cushions, highlighted by our 2nd tier which runs through 2\/12 lows.\u00a0 Furthermore, the psychological $1100\/oz area could continue to have an influence on gold over the near-term.<\/p>\n

Present Price: $1104.50\/oz<\/p>\n

Resistances: $1105.05, $1106.26, $1108.17\/oz, $1109.58\/oz, $1110.98\/oz, $1112.29\/ oz<\/p>\n

Supports: $1105.05\/oz, $1102.82\/oz, $1101.73\/oz, $1100.35\/oz, $1099.05\/oz, $1097.74\/oz<\/p>\n

Psychological: $1100\/oz, $1150\/oz, 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":"

By Fast Brokers – Gold is retesting its highly psychological $1100\/oz area after Friday\u2019s pullback.\u00a0 Gold experienced another leg down despite pops in the EUR\/USD and GBP\/USD.\u00a0 These two currency pairs are normally positively correlated with gold, so it\u2019s interesting that gold isn\u2019t behaving according to its usual Dollar correlation.\u00a0 Meanwhile, gold is fighting to … <\/p>\n

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