{"id":8137,"date":"2010-03-31T13:58:40","date_gmt":"2010-03-31T17:58:40","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=8137"},"modified":"2010-03-31T13:58:40","modified_gmt":"2010-03-31T17:58:40","slug":"gold-logs-solid-gains-as-conditions-improve-in-eu","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/03\/31\/gold-logs-solid-gains-as-conditions-improve-in-eu\/","title":{"rendered":"Gold Logs Solid Gains as Conditions Improve in EU"},"content":{"rendered":"

By Fast Brokers<\/strong> – Gold has logged solid gains today, popping above weekly highs in the process.\u00a0 Gold appears to be following today\u2019s large leg up in the EUR\/USD in reaction to positive EU economic data.\u00a0 Germany\u2019s employment picture improved while Flash CPI climbed to 1.5%.\u00a0 Rising prices and improving employment creates a more favorable environment for the ECB considering recent instability brought on by Greece.\u00a0 Hence, investors are beginning to gain more confidence with the EU, a positive for the risk trade and gold considering its usual negative correlation with the Greenback.\u00a0 However, the EUR\/USD and Cable still face their fair share of near-term topside barriers.\u00a0 Meanwhile, gold has reacted positively to the disappointing U.S. economic data thus far.\u00a0 Chicago PMI and the ADP figure both came in below analyst expectations, reminding us of the fact that America\u2019s economic recovery is occurring at a sluggish pace.\u00a0 Investors have sold the Dollar in reaction, a positive for gold during correlative forces.\u00a0 However, we will have to see how the remainder of the trading session plays out.\u00a0 Investors will receive a stream of key data throughout tomorrow\u2019s trading session, highlight by Manufacturing PMIs from Japan, China, the UK, and the U.S.\u00a0 Hence, tomorrow could prove to be an active day.<\/p>\n

Technically speaking, gold has multiple downtrend lines serving as technical barriers along with intraday and 3\/18 highs.\u00a0 As for the downside, gold now has multiple uptrend line serving as technical cushions along with 3\/29 and 3\/30 lows.\u00a0 Additionally, the $1100\/oz level could continue to have an influence on price over the near-term.<\/p>\n

Present Price: $1114.60\/oz
\nResistances: $1115.96\/oz, $1117.18\/oz, $1119.10\/oz, $1120.33\/oz, $1121.47\/oz
\nSupports: $1114.55\/oz, $1112.71\/oz, $111.39\/oz, $1110.25\/oz, $1109.02\/oz, $1108.15\/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 logged solid gains today, popping above weekly highs in the process.\u00a0 Gold appears to be following today\u2019s large leg up in the EUR\/USD in reaction to positive EU economic data.\u00a0 Germany\u2019s employment picture improved while Flash CPI climbed to 1.5%.\u00a0 Rising prices and improving employment creates a more favorable … <\/p>\n

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