{"id":61471,"date":"2014-10-06T15:03:05","date_gmt":"2014-10-06T19:03:05","guid":{"rendered":"http:\/\/countingpips.com\/?p=61471"},"modified":"2014-10-06T15:13:47","modified_gmt":"2014-10-06T19:13:47","slug":"precious-metals-rebound-aggressively-gold-above-1200","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2014\/10\/precious-metals-rebound-aggressively-gold-above-1200\/","title":{"rendered":"Precious Metals Rebound Aggressively, Gold Above $1,200"},"content":{"rendered":"<div id=\"inves-2945049270\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">October 6, 2014<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p>Technical Sentiment: <strong>Bearish<\/strong><\/p>\n<p><strong>Key Takeaways<\/strong><\/p>\n<ul>\n<li>The U.S. Dollar corrected some of its gains from Friday against a basket of currencies;<\/li>\n<li>Gold bounced off a 15-month low at $1,183;<\/li>\n<li>Silver reached a low of $16.67 before re-testing $17.33.<\/li>\n<\/ul>\n<p><em>Bears covering their short positions and the U.S. Dollar taking a breather triggered a rally in precious metals on Monday. With Gold trading again above $1,203 and Silver facing a resistance at $17.33, it remains to be seen if this is an opportunity to sell the rally or a temporary bottom forming.<\/em><\/p>\n<p><em>\u00a0<\/em><\/p>\n<p><strong>Technical analysis \u2013 Gold<\/strong><\/p>\n<p><img decoding=\"async\" src=\"http:\/\/capitaltrustmarkets.com\/wp-content\/uploads\/2014\/10\/Gold6thOctober.png\" alt=\"Gold6thOct\" \/><\/p>\n<p>Gold dipped as low as $1,182.97 as soon as the markets opened on Monday, briefly touching a strong support area marked by June 2013 and December 2013 Lows. Following this event, selling pressure quickly exhausted since there was clearly not enough interest in pursuing lower levels.<\/p>\n<p>During European trading hours, the yellow metal jumped higher apparently targeting $1,200 and $1,203, only to see the rally accelerate past these levels throughout the U.S. session. Gold is currently trading around $1,207 in what appears to be a search for a Lower High. That being said, Gold remains in bearish territory while trading below $1,221, where the most recent Lower High and a strong trendline will provide resistance. A larger correction could be considered, although we will analyze this situation only after a rally above the resistance, which would open the way towards $1,240, where the 200 Simple Moving Average will soon descend as well.<\/p><div id=\"inves-1917662444\" class=\"inves-in-content inves-entity-placement\"><hr style=\"border: 1px solid #ddd;\">\r\n<div id=\"inpost_ads_header\">\r\n<p style=\"font-size:10px; float:left; color:#666;\">Free Reports:<\/p><\/div>\r\n<div id=\"inpost_ads\"> \r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/1ApBOV\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2018\/06\/graph_techs_PD.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t     <a href=\"https:\/\/goo.gl\/1ApBOV\"><b><u>Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p><br><br>\r\n<br>\r\n<br>\r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/f3RrHX\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2019\/01\/cot_pie_80.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t    <a href=\"https:\/\/goo.gl\/f3RrHX\"><b><u>Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p><br><br>\r\n<\/div>\r\n<hr style=\"border: 1px solid #ddd;\">\r\n<br><\/div>\n<p>A fresh descent below $1,200 could empower sellers to attack the main support at $1,182 again. Since traders have already cleared buy orders in this area, such an event would likely lead to a break below $1,182 on the second attempt, paving the way towards $1,153 and $1,100.<\/p>\n<p>*********<br \/>\nPrepared by Alex Z., Chief Currency Strategist at <a href=\"http:\/\/www.capitaltrustmarkets.com\">Capital Trust Markets<\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Technical Sentiment: Bearish Key Takeaways The U.S. Dollar corrected some of its gains from Friday against a basket of currencies; Gold bounced off a 15-month low at $1,183; Silver reached a low of $16.67 before re-testing $17.33. Bears covering their short positions and the U.S. Dollar taking a breather triggered a rally in precious metals [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-61471","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/61471","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=61471"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/61471\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=61471"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=61471"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=61471"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}