{"id":7934,"date":"2010-03-24T13:47:39","date_gmt":"2010-03-24T17:47:39","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=7934"},"modified":"2010-03-24T13:47:39","modified_gmt":"2010-03-24T17:47:39","slug":"gold-tries-to-recover-from-1100-reversion","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/03\/24\/gold-tries-to-recover-from-1100-reversion\/","title":{"rendered":"Gold Tries to Recover From $1100 Reversion"},"content":{"rendered":"

By Fast Brokers<\/strong> – Gold dove back below its highly psychological $1100\/oz level and set new March lows after a wave of risk aversion hit the FX markets.\u00a0 Investors fled to the Dollar after Fitch lowered Portugal\u2019s credit rating.\u00a0 With Greece\u2019s financial assistance plan still up in the air, another debt scare in the EU has accelerated Dollar flows in risk aversion, highlighted by large gains in the USD\/JPY.\u00a0 Gold has reacted negatively to today\u2019s development since the precious metal tends to have a negative correlation with the Greenback.\u00a0 However, downside movements in gold have been somewhat limited compared to the selloffs taking place in the EUR\/USD and Cable.\u00a0 Gold has managed to regain its footing before a retest of February lows.\u00a0 However, we\u2019ll have to see how the trading session progresses since problems in the EU could continue to benefit the Dollar.\u00a0 U.S. New Home Sales just printed below analyst expectations, which could help buoy gold and deflate the Dollar intraday since it works against speculation that the Fed will raise sooner than anticipated, a Dollar negative.\u00a0 We notice slight strength in the Cable and EUR\/USD in reaction to the news, though we\u2019ll see whether it has staying power.\u00a0 All eyes will be on the EU summit tomorrow, although expectations have been lowered by persistent rebuttals from Germany.\u00a0 The EU, UK and U.S. will also through in some data points, making tomorrow\u2019s trading session a bit interesting.<\/p>\n

Technically speaking, gold has intraday and February 2010 lows serving as technical cushions along with the psychological $1075\/oz level should it be tested.\u00a0 As for the topside, gold faces multiple downtrend lines along with 2\/25 and intraday highs.\u00a0 Meanwhile, the psychological $1100\/oz level could continue to have an influence on gold as long as the precious metal remains within striking distance.<\/p>\n

Present Price: $1092.50\/oz
\nResistances: $1093.37\/oz, $1094.92\/oz, $1096.18\/oz, $1097.26\/oz, $1098.10\/oz, $1099.32\/oz
\nSupports: $1092.23\/oz, $1091.40\/oz, $1089.78\/oz, $1088.72\/oz, $1086.90\/oz
\nPsychological: $1100\/oz, February 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 dove back below its highly psychological $1100\/oz level and set new March lows after a wave of risk aversion hit the FX markets.\u00a0 Investors fled to the Dollar after Fitch lowered Portugal\u2019s credit rating.\u00a0 With Greece\u2019s financial assistance plan still up in the air, another debt scare in the EU … <\/p>\n

Continue reading “Gold Tries to Recover From $1100 Reversion”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-7934","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/7934","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=7934"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/7934\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=7934"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=7934"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=7934"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}