{"id":10028,"date":"2010-06-07T11:48:12","date_gmt":"2010-06-07T15:48:12","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=10028"},"modified":"2010-06-07T11:48:12","modified_gmt":"2010-06-07T15:48:12","slug":"gold-pops-with-risk-aversion","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/06\/07\/gold-pops-with-risk-aversion\/","title":{"rendered":"Gold Pops with Risk Aversion"},"content":{"rendered":"<p><strong>By Fast Brokers<\/strong> &#8211; Gold reversed course after dipping below $1200\/oz amid profit taking.\u00a0 The risk trade made an about face after fear spread that Hungary could become the next Greece.\u00a0 Additionally, U.S. employment data missed analyst estimates, giving investors multiple reasons to divest from risk.\u00a0 Considering last week\u2019s risk rally lacked fundamental and psychological backing, it\u2019s safe to say that gold\u2019s medium-term uptrend is still intact despite last week\u2019s setback.\u00a0 Meanwhile, the data wire will be relatively quiet until Thursday\u2019s flurry of data and central bank meetings.\u00a0 Hence, psychological forces should drive the market over the next few trading sessions.\u00a0 Should conditions in Hungary worsen, concern about the exposure of EU banks to Eastern Europe could elevate risk aversion and push gold back above June highs.\u00a0 On the other hand, gold still seems range bound and will need a game changing move in either direction to break free.<\/p>\n<p>Technically speaking, gold faces technical barriers in the form of 6\/1 and 5\/14 highs.\u00a0 Additionally, the psychological $1250\/oz level should serve as a solid technical barrier should it be reached.\u00a0 As for the downside, gold has multiple uptrend lines serving as technical cushions along with 6\/4 and 5\/25 lows.\u00a0 Furthermore, the psychological $1200\/oz should continue to serve as a solid technical support over the near-term.<\/p>\n<p>Present Price: $1217.45\/ oz<br \/>\nResistances: $1219.16\/oz, $1221.69\/oz, $1225.20\/oz, $1227.63\/oz, $1229.56\/oz, $1232.22\/oz<br \/>\nSupports:\u00a0 $1215.42\/oz, $1212.52\/oz, $1210.36\/oz, $1208.18\/oz, $1205.26\/oz, $1202.26\/oz<br \/>\nPsychological:\u00a0 $1200\/oz, $1250\/oz<\/p>\n<p><a href=\"http:\/\/fastbrokers.net\/news\/image\/June3Gold.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/fastbrokers.net\/news\/image\/June3Gold.png\" alt=\"\" width=\"595\" height=\"400\" \/><\/a><\/p>\n<p>(click chart to enlarge)<\/p>\n<p><em><strong>Market Commentary<\/strong><\/em> provided by <a href=\"http:\/\/www.fastbrokers.com\/index.php?CP001\" target=\"_blank\"><strong>Fast                                  Brokers<\/strong>.<\/a><\/p>\n<p><strong>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<p><strong>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":"<p>By Fast Brokers &#8211; Gold reversed course after dipping below $1200\/oz amid profit taking.\u00a0 The risk trade made an about face after fear spread that Hungary could become the next Greece.\u00a0 Additionally, U.S. employment data missed analyst estimates, giving investors multiple reasons to divest from risk.\u00a0 Considering last week\u2019s risk rally lacked fundamental and psychological &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/fx\/2010\/06\/07\/gold-pops-with-risk-aversion\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Gold Pops with Risk Aversion&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-10028","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/10028","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=10028"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/10028\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=10028"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=10028"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=10028"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}