{"id":7741,"date":"2010-03-19T13:25:51","date_gmt":"2010-03-19T17:25:51","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=7741"},"modified":"2010-03-19T13:25:51","modified_gmt":"2010-03-19T17:25:51","slug":"gold-undergoes-large-leg-down","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/03\/19\/gold-undergoes-large-leg-down\/","title":{"rendered":"Gold Undergoes Large Leg Down"},"content":{"rendered":"

By Fast Brokers<\/strong> – Gold is undergoing a large leg dad as it participates in risk-averse flows.\u00a0 The Dollar is appreciating across the board in reaction to political uncertainty in the EU in regards to how to deal with Greece.\u00a0 However, gold was holding up relatively well until news hit that the Reserve Bank of India decided to raise its interest rates by 25 basis points.\u00a0 This announcement sent a shockwave throughout the FX markets and sent investors scurrying towards the Dollar.\u00a0 Gold experienced a windfall of selling activity as well, dropping all the way down to our key first tier uptrend line and has nearly retested its highly psychological $1100\/oz level.\u00a0 That being said, investors should keep an eye on gold\u2019s ability to hold these two key technical levels along with the ability of the EUR\/USD and Cable to stabilize from intraday losses.\u00a0 The U.S. data wire will be quiet today, meaning attention will remain on today\u2019s psychological and news developments.\u00a0 Data will pick up next week, meaning key risk-trade supports will likely be tested soon.<\/p>\n

Technically speaking, gold has our first tier uptrend line serving as a technical cushion along with its highly psychological $1100\/oz level.\u00a0 Our 1st tier runs through previous March lows, highlighting the prevalence of present levels.\u00a0 As for the topside, gold faces multiple downtrend lines along with 3\/15 and 3\/12 highs.<\/p>\n

Present Price: $1105.80\/oz
\nResistances: $1106.48, $1107.27, $1108.06\/oz, $1109.37\/oz, $1110.43\/oz, $1111.57\/ oz
\nSupports: $1105.25\/oz, $1104.46\/oz, $1103.85\/oz, $1103.06\/oz, $1102.27\/oz, $1101.40\/oz
\nPsychological: $1100\/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 is undergoing a large leg dad as it participates in risk-averse flows.\u00a0 The Dollar is appreciating across the board in reaction to political uncertainty in the EU in regards to how to deal with Greece.\u00a0 However, gold was holding up relatively well until news hit that the Reserve Bank of … <\/p>\n

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