{"id":7663,"date":"2010-03-17T14:48:41","date_gmt":"2010-03-17T18:48:41","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=7663"},"modified":"2010-03-17T14:48:41","modified_gmt":"2010-03-17T18:48:41","slug":"gold-yields-following-solid-pop","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/03\/17\/gold-yields-following-solid-pop\/","title":{"rendered":"Gold Yields Following Solid Pop"},"content":{"rendered":"

By Fast Brokers <\/strong>– Gold experienced a solid rally yesterday as the precious metal\u2019s negative correlation with the Dollar kicked back into 1st gear.\u00a0 The Cable, Aussie, and EUR\/USD all experienced topside breakouts yesterday in the wake of the Fed\u2019s decision to maintain its loose monetary policy stance for the foreseeable future.\u00a0 Yesterday\u2019s return to the risk trade certain benefitted gold as the precious jumped from $1100\/oz and peaked just above $1130\/oz and our new 3rd tier downtrend line.\u00a0 Our 3rd tier runs through previous March highs, or the $1145\/oz area.\u00a0 Hence, if gold can manage to break past our 3rd tier this could indicate more substantial near-term gains.\u00a0 Meanwhile, investors should keep an eye on the Greenback and monitor the ability of the risk trade to expand on yesterday\u2019s gains.\u00a0 The Cable did break through some key downtrend lines and the Aussie is continuing its steady ascent, creating a favorable correlative environment for gold.\u00a0 Bernanke will testify before congress this afternoon, a potential market mover.\u00a0 Additionally, the U.S. will print a wave of data tomorrow.\u00a0 Hence, activity could pick back up this afternoon and during tomorrow\u2019s U.S. session.\u00a0 Additionally, investors should keep an eye out for any more psychological developments hitting the wire regarding EU and UK fiscal problems since these headlines can jolt currencies as well.<\/p>\n

Technically speaking, gold faces multiple downtrend lines along with intraday, 3\/5and 3\/3 highs.\u00a0 As for the downside, gold still has multiple uptrend lines serving as technical cushions along with intraday, 3\/9, and 3\/11 lows.<\/p>\n

Present Price: $1123.20\/oz<\/p>\n

Resistances: $1124.29, $1125.52, $1127.77\/oz, $1129.41\/oz, $1131.05\/oz, $1132.48\/ oz<\/p>\n

Supports: $1121.83\/oz, $1120.39\/oz, $1118.34\/oz, $1116.70\/oz, $1114.50\/oz, $1112.81\/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 – Gold experienced a solid rally yesterday as the precious metal\u2019s negative correlation with the Dollar kicked back into 1st gear.\u00a0 The Cable, Aussie, and EUR\/USD all experienced topside breakouts yesterday in the wake of the Fed\u2019s decision to maintain its loose monetary policy stance for the foreseeable future.\u00a0 Yesterday\u2019s return to … <\/p>\n

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