{"id":58857,"date":"2011-09-19T10:09:49","date_gmt":"2011-09-19T00:09:49","guid":{"rendered":"http:\/\/www.fnarena.com\/index.php\/2011\/09\/19\/has-gold-peaked-for-now\/"},"modified":"2011-09-19T10:09:49","modified_gmt":"2011-09-19T00:09:49","slug":"has-gold-peaked-for-now","status":"publish","type":"post","link":"https:\/\/staging.fnarena.com\/index.php\/2011\/09\/19\/has-gold-peaked-for-now\/","title":{"rendered":"Has Gold Peaked (For Now) ?"},"content":{"rendered":"

\n\tGold Chart Setup Signals Important Top Below US$1900 Figure<\/strong><\/p>\n

\n\tBy Ilya<\/span> Spivak<\/span>, Currency Strategist<\/p>\n

\n\tTHE TAKEAWAY<\/u> – Gold technical positioning suggests prices have formed a major top below the $1900\/oz figure, implying a drop of over 9 percent decline over the coming days and weeks.<\/strong><\/p>\n

\tS&P 500<\/strong> – Prices continue to consolidate in a Flag chart pattern, broadly pointing to downward continuation. The resumption of overtly bearish momentum requires a break below the Flag formation bottom, now at 1132.49. Near-term, resistance stands at 1227.40, while the minor topside barrier at 1204.40 overcome yesterday has been recast as support.<\/p>\n

\n\t\"\"<\/p>\n

\n\tCRUDE OIL<\/strong> – Positioning closely mirrors that of the S&P 500, with prices testing the top of a Flag chart formation reinforced by the upper boundary of a rising channel set from early May. Here too, the setup is hinting at bearish continuation. The formation of a Bearish Engulfing candlestick pattern as well as the appearance of negative RSI<\/span> divergence reinforces the case for a downside scenario. Initial support lines up at $83.12, the 23.6% Fibonacci extension level.<\/p>\n

\n\t\"\"<\/p>\n

\n\tGOLD<\/strong> – The double top setup we have been monitoring over recent days appears to have been validated with prices issuing a daily close below the chart formation’s neckline support. A move toward a measured downside target at $1627.25 over the coming days is implied from here.<\/p>\n

\n\t\"\"<\/p>\n

\n\tUS DOLLAR<\/strong> – As we suspected yesterday, the formation of an Inverted Hammer candlestick preceded a pullback, with prices now testing support at 9699. A break below this juncture exposes 9646. Resistance remains at 9756, a range top in place since mid-April.<\/p>\n

\t\"\"<\/p>\n

\tThe views expressed are not FNArena's<\/span> (see our disclaimer).<\/p>\n

\n\tFor real time news and analysis, please visit http:\/\/www.dailyfx.com<\/span>\/real_time_news<\/p>\n

\n\tDailyFX<\/span> provides forex<\/span> news on the economic reports and political events that influence the currency market. Learn currency trading with a free practice account and charts from FXCM<\/span>.<\/p>\n

\n\twww.dailyfx.com<\/span><\/p>\n

\n\tDisclaimer<\/strong><\/em><\/p>\n

\n\tForex<\/span> Capital Markets is headquartered at Financial Square 32 Old Slip, 10th Floor, New York, NY 10005 USA.<\/u><\/em><\/p>\n

\n\tTrading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before you decide to trade the foreign exchange products offered by Forex<\/span> Capital Markets, LLC, Forex<\/span> Capital Markets Limited, inclusive of all EU branches, FXCM<\/span> Asia Limited, or FXCM<\/span> Australia Limited, any affiliates of aforementioned firms, or other firms under the FXCM<\/span> group of companies [collectively recipient.”<\/span><\/em><\/p>\n

\n\tTechnical limitations<\/strong><\/p>\n

\n\tIf you are reading this story through a third party distribution channel and you cannot see charts included<\/span>, we apologise<\/span>, but technical limitations are to blame.<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Market analysts at FXCM suggest the gold chart is displaying a double top setup, which implies a move towards a measured downside target of US$1627.25 per ounce in coming sessions.<\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5],"tags":[29,24,22,26],"acf":[],"_links":{"self":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/58857"}],"collection":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/comments?post=58857"}],"version-history":[{"count":0,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/58857\/revisions"}],"wp:attachment":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/media?parent=58857"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/categories?post=58857"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/tags?post=58857"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}