{"id":7617,"date":"2010-03-16T10:49:55","date_gmt":"2010-03-16T14:49:55","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=7617"},"modified":"2010-03-16T10:49:55","modified_gmt":"2010-03-16T14:49:55","slug":"gold-pops-during-asia-session","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/03\/16\/gold-pops-during-asia-session\/","title":{"rendered":"Gold Pops During Asia Session"},"content":{"rendered":"

By Fast Brokers<\/strong><\/a> \u2013 Gold is staging a rally during the Asia trading session as investors await key EU economic data and the Fed\u2019s monetary policy decision later today.\u00a0 Gold was a beacon of stability during yesterday\u2019s risk-averse movement in the FX markets.\u00a0 The precious metal continued its consolidation above $1100\/oz and is currently moving in line with its negative Dollar correlation despite last week\u2019s deviation.\u00a0 However, although gold\u2019s pop is encouraging, it still needs to surpass our 1st and 2nd tier downtrend lines along with 3\/12 highs before establishing a more sustainable recovery.\u00a0 After all, the precious metal did dip below $1110\/oz and some key uptrend lines last week during its pullback.\u00a0 Should EU data print strong and the Fed stick to its loose monetary policy for the foreseeable future gold could find enough strength to overcome its topside technical barriers.\u00a0 On the other hand, should data disappoint and the Fed tighten its language then gold could come under selling pressure again.\u00a0 On the other hand, gold hasn\u2019t exactly been behaving according to its past correlation patterns as of late, so analyzing gold according to its usual correlative forces could be a mistake.\u00a0 Either way, gold and FX markets could experience heightened activity over the next 24 hours as investors digest the wealth of news and data.<\/p>\n

Technically speaking, gold faces multiple downtrend lines along with 3\/12and 3\/10 highs.\u00a0 As for the downside, gold still has multiple uptrend lines serving as technical cushions along with intraday, 3\/15, and 3\/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: $1113.30\/oz<\/p>\n

Resistances: $1113.77, $1115.19, $1116.32\/oz, $1117.66\/oz, $1118.87\/oz, $1120.77\/ oz<\/p>\n

Supports: $1112.30\/oz, $1111.13\/oz, $1110.06\/oz, $1109.09\/oz, $1108.17\/oz, $1106.94\/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 regarded neither 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 \u2013 Gold is staging a rally during the Asia trading session as investors await key EU economic data and the Fed\u2019s monetary policy decision later today.\u00a0 Gold was a beacon of stability during yesterday\u2019s risk-averse movement in the FX markets.\u00a0 The precious metal continued its consolidation above $1100\/oz and is currently moving … <\/p>\n

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