{"id":7873,"date":"2010-03-23T12:59:11","date_gmt":"2010-03-23T16:59:11","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=7873"},"modified":"2010-03-23T12:59:11","modified_gmt":"2010-03-23T16:59:11","slug":"gold-fluctuates-around-1100oz","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/03\/23\/gold-fluctuates-around-1100oz\/","title":{"rendered":"Gold Fluctuates Around $1100\/oz"},"content":{"rendered":"

By Fast Brokers<\/strong> – Gold has recovered from intraday lows, avoiding a retest of Tuesday lows and climbing back to its highly psychological $1100\/oz level in the process.\u00a0 With gold hovering around $1100\/oz, the precious metal is sending a message that the markets could be at a critical juncture.\u00a0 The EUR\/USD is also trading around 1.35 and the Cable 1.50.\u00a0 Hence, psychological forces are in play across the board with key EU and U.S. economic data on the way.\u00a0 Additionally, the UK will release its long-awaited budget tomorrow followed by the EU\u2019s highly anticipated meeting at the end of the week.\u00a0 Therefore, there are plenty of potential psychological influences in the mix, with Greece in focus.\u00a0 Although a plan for financial assistance is becoming less likely by the day, should the EU surprising by production a solution this could be a boon for the risk trade, gold included.\u00a0 However, weak economic data coupled with a disappointing EU meeting could weigh down on gold and favor the Dollar further.\u00a0 Hence, investors should pay close attention to headlines and the data wire for upcoming developments.\u00a0 Meanwhile, the highly psychological $1100\/oz level could continue to have an influence on the precious metal until the markets send a new directional message.<\/p>\n

Technically speaking, gold has intraday and Tuesday lows serving as technical cushions along with the highly psychological $1100\/oz area.\u00a0 As for the topside, gold faces multiple downtrend lines along with intraday, March 22nd and March 3rd highs.<\/p>\n

Present Price: $1099.70\/oz
\nResistances: $1101.50\/oz, $1103\/oz, $1104.90\/oz, $1106.20\/oz, $1108.50\/oz
\nSupports: $1098.30\/oz, $1096.30\/oz, $1094.90\/oz, $1094.10\/oz, $1092.30\/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 has recovered from intraday lows, avoiding a retest of Tuesday lows and climbing back to its highly psychological $1100\/oz level in the process.\u00a0 With gold hovering around $1100\/oz, the precious metal is sending a message that the markets could be at a critical juncture.\u00a0 The EUR\/USD is also trading around … <\/p>\n

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