{"id":10169,"date":"2010-06-11T09:33:36","date_gmt":"2010-06-11T13:33:36","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=10169"},"modified":"2010-06-11T09:33:36","modified_gmt":"2010-06-11T13:33:36","slug":"gold-holds-1215oz-following-steady-decline","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/06\/11\/gold-holds-1215oz-following-steady-decline\/","title":{"rendered":"Gold Holds $1215\/oz Following Steady Decline"},"content":{"rendered":"

By Fast Brokers<\/strong> – Gold has undergone a steady decline this week after setting fresh all-time highs.\u00a0 The precious metal was unable to leave behind $1250\/oz for the 2nd time in the past month and has since sunk back towards its psychological $1215\/oz level after investors dipped back into the risk trade.\u00a0 The EU news wires have been relatively quiet this week following last week\u2019s worries concerning Hungary\u2019s fiscal condition.\u00a0 The break in news has allowed investors to hone in on fundamentals and return to risk since yesterday\u2019s Asia data surprised to the topside.\u00a0 However, this week\u2019s decline in gold has been structured and gold maintains several layers of uptrend lines, meaning the precious metal\u2019s uptrend is still healthy.\u00a0 Both the Cable and Aussie have logged solid gains over the past two trading sessions while the EUR\/USD creeps higher from May lows.\u00a0 Meanwhile, investors are waiting for U.S. retail sales and consumer sentiment data, which should lead this week\u2019s final trading session.\u00a0 Additionally, although news from the EU has died down, investors should still keep an eye on the EU news wires since the potential for another negative development remains regardless of this week\u2019s serenity.\u00a0 Meanwhile, even though gold has exhibited a negative correlation with the risk trade this week, it wouldn\u2019t be surprising if gold\u2019s negative correlation with the dollar came back into play should the risk trade post a medium-term rebound.\u00a0 Therefore, gold\u2019s medium-term outlook could be positive as the precious metal benefits from a win-win position.<\/p>\n

Technically speaking, gold faces technical barriers in the form of 6\/10 and 6\/8 highs.\u00a0 Additionally, the psychological $1250\/oz level should continue to 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\/10 and 6\/4 lows.\u00a0 Furthermore, the psychological $1200\/oz should serve as a solid technical support should it be tested.\u00a0 Meanwhile, gold is running low on topside technical barriers, normally a positive sign for the near-term.<\/p>\n

Present Price: $1220.00\/ oz
\nResistances: $1222.09\/oz, $1225.20\/oz, $1227.63\/oz, $1229.56\/oz, $1232.22\/oz
\nSupports:\u00a0 $1219.16\/oz, $1215.42\/oz, $1212.52\/oz, $1210.36\/oz, $1208.18\/oz, $1204.80\/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 has undergone a steady decline this week after setting fresh all-time highs.\u00a0 The precious metal was unable to leave behind $1250\/oz for the 2nd time in the past month and has since sunk back towards its psychological $1215\/oz level after investors dipped back into the risk trade.\u00a0 The EU news … <\/p>\n

Continue reading “Gold Holds $1215\/oz Following Steady Decline”<\/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-10169","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/10169","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=10169"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/10169\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=10169"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=10169"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=10169"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}