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Gold Holds Below Key Resistance- Well Supported on Debt Concerns

Gold Holds Below Key Resistance- Well Supported on Debt Concerns

2011-05-27 22:19:00
Michael Boutros, Technical Strategist
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Gold

Gold/USD NY Spot Close 1536.95

Gold_Holds_Below_Key_Resistance-_Well_Supported_on_Debt_Concerns_body_xauusd_risk.png, Gold Holds Below Key Resistance- Well Supported on Debt Concerns

Gold Holds Below Key Resistance- Well Supported on Debt Concerns

Fundamental Forecast for Gold: Bullish

The gains seen on Friday largely came at the expense of the greenback which saw steep declines into the weekend as concerns regarding growth prospects in the world’s largest economy weighed on sentiment. The Dow Jones FXCM US Dollar Index plummeted nearly 1%, giving lift to commodities which are priced in US dollars.

With Geopolitical turmoil in North Africa coming back into focus, traders continue to cite haven flows into gold as not only a safety play, but also as a hedge against inflationary pressures which seem to be taking root across the globe. And with no progress this week regarding the Eurozone debt crisis, investors remain cautious of any comments or developments from the region with gold seeking to benefit from a general reluctance of traders to hold US dollars.

Concerns were intensified today after European Central Bank Governing Council member George Provopoulos said Greece would be able manage its debt on its own so long as it adheres to the aid program set forth. But traders were not convinced and the metal continued to climb into the close of trade on Friday. Fears of contagion to the region’s most vulnerable periphery nations, namely Ireland, Portugal and Spain, will continue to see investors looking for alternative assets to protect against a possible sovereign default.

This week saw a brief break of gold/S&P 500 correlation as equities saw three consecutive days of declines while gold continued to advance. With the end of QE2 quickly approaches, traders and investors alike have continued to push prices higher. Last week saw the yellow metal break above the 76.4% Fibonacci retracement taken from the July and January troughs at $1515, after a 7% decline off the May 2nd highs. Friday’s dismal pending home sales numbers and lackluster consumer spending data once again saw gold surge, breaking through the 23.6% Fibonacci extension taken from the January 27th and May 5th lows at $1525. The breach signals the resumption of Gold’s up-trend, with targets eyed higher at $1540, $1550, and at the 38.2% extension at $1565. Downside support rests at $1515 backed by $1475 and $1445.-MB

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