{"id":8600,"date":"2010-04-15T13:03:19","date_gmt":"2010-04-15T17:03:19","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=8600"},"modified":"2010-04-15T13:03:19","modified_gmt":"2010-04-15T17:03:19","slug":"gold-mimics-fx-consolidation","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/04\/15\/gold-mimics-fx-consolidation\/","title":{"rendered":"Gold Mimics FX Consolidation"},"content":{"rendered":"

By Fast Brokers<\/strong> – Gold is continuing its consolidation just above its highly psychological $1150\/oz level as investors digest today\u2019s economic data from China and the U.S.\u00a0 Even though China\u2019s GDP and Industrial Production data was solid, the numbers have had a negligible impact on the Dollar.\u00a0 Meanwhile mixed U.S. data has kept the greenback somewhat range bound so far as well.\u00a0 However, investors should take note that the persistence of high unemployment data should keep the Fed at bay as it pursues a continuation of its loose monetary policy.\u00a0 The Fed\u2019s loose stance is a medium-term positive for the risk trade and gold as well considering the precious metal\u2019s negative correlation with the Dollar.\u00a0 The data wire will be relatively quiet tomorrow until U.S. Building Permits and Prelim Michigan figures, meaning gold and the Dollar could stay locked within their current patterns barring any unforeseen psychological developments.<\/p>\n

Technically speaking, gold faces topside technical barriers in the form of intraday, 4\/14, 4\/12, and 12\/08 highs.\u00a0 Additionally, the $1170\/oz area could serve as a technical barrier should it be tested.\u00a0 As for the downside, gold has fresh uptrend lines serving as technical cushions along with intraday, 4\/13, 4\/8,and 4\/7 lows.\u00a0 Additionally, the psychological $1150\/oz area could continue to serve as solid support over the near-term<\/p>\n

Present Price: $1155.40\/ oz
\nResistances: $1156.63\/oz, $1158.47\/oz, $1160.01\/oz, $1161.83\/oz, $1163.38\/oz, $1164.65\/oz
\nSupports: $1154.97\/oz, $1153.82\/oz, $1152.70\/oz, $1151.29\/oz, $1149.72\/oz, $1147.73oz
\nPsychological: $1170\/oz, $1160\/oz, $1150\/oz, 2010 highs and April 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 continuing its consolidation just above its highly psychological $1150\/oz level as investors digest today\u2019s economic data from China and the U.S.\u00a0 Even though China\u2019s GDP and Industrial Production data was solid, the numbers have had a negligible impact on the Dollar.\u00a0 Meanwhile mixed U.S. data has kept the greenback … <\/p>\n

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