{"id":10056,"date":"2010-06-08T09:28:53","date_gmt":"2010-06-08T13:28:53","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=10056"},"modified":"2010-06-08T09:28:53","modified_gmt":"2010-06-08T13:28:53","slug":"gold-stares-down-all-time-highs","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/06\/08\/gold-stares-down-all-time-highs\/","title":{"rendered":"Gold Stares Down All-Time Highs"},"content":{"rendered":"

By Fast Brokers<\/strong> – Gold surged yesterday, blowing past its last downtrend line and nearly touched all-time highs before ducking back below $1240\/oz.\u00a0 Regardless, yesterday\u2019s move was very bullish and although the precious metal could undergo near-term consolidation a test of May highs may be in the cards.\u00a0 Meanwhile, it will be important to see a topside follow through sometime this week or gold could run the risk of setting a double top over the medium-term.\u00a0 Either way, there are more reasons to be bullish than bearish considering the deterioration of the Euro.\u00a0 Although the Cable and USD\/JPY has been relatively stable during the EUR\/USD\u2019s latest downturn, should other major dollar pairs follow suit this could push gold beyond May highs due to the precious metal\u2019s safe haven status.\u00a0 The data wire will be relatively quiet across the globe until Thursday\u2019s flurry of data and central bank meetings.\u00a0 Hence, psychological forces will be in the driver\u2019s seat over the next 48 hours, meaning investors should pay particularly close attention to EU news wires for any new developments.<\/p>\n

Technically speaking, gold faces technical barriers in the form of intraday and May 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\/2 and 6\/7 lows.\u00a0 Furthermore, the psychological $1200\/oz should serve as a solid technical support should it be tested.\u00a0 Mean while, gold is running low on topside technical barriers, normally a positive sign for the near-term.<\/p>\n

Present Price: $1237.38\/ oz
\nResistances: $1238.16\/oz, $1241.94\/oz, $1246.86\/oz, $1249.25\/oz
\nSupports:\u00a0 $1235.75\/oz, $1233.63\/oz, $1232.22\/oz, $1229.56\/oz, $1227.63\/oz, $1125.20\/oz
\nPsychological:\u00a0 $1200\/oz, $1250\/oz<\/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 surged yesterday, blowing past its last downtrend line and nearly touched all-time highs before ducking back below $1240\/oz.\u00a0 Regardless, yesterday\u2019s move was very bullish and although the precious metal could undergo near-term consolidation a test of May highs may be in the cards.\u00a0 Meanwhile, it will be important to see … <\/p>\n

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