{"id":10297,"date":"2010-06-16T11:46:37","date_gmt":"2010-06-16T15:46:37","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=10297"},"modified":"2010-06-16T11:46:37","modified_gmt":"2010-06-16T15:46:37","slug":"gold-moves-in-upward-consolidation","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/06\/16\/gold-moves-in-upward-consolidation\/","title":{"rendered":"Gold Moves in Upward Consolidation"},"content":{"rendered":"

Gold is creeping higher in what can be considered an upward consolidation as the precious metal benefits from both its status as a safe haven and its negative correlation with the dollar.\u00a0 Gold\u2019s negative correlation with the greenback finally kicked into gear yesterday as the precious metal popped towards $1240\/oz with the EUR\/USD and Cable continuing their recovery from their respective monthly lows.\u00a0 However, gold must still deal with $1250\/oz, which has proven to be a thorn in its side on the previous two attempts.\u00a0 Rumors are spreading that the IMF and U.S. Treasury are piecing together a $350 billion line of liquidity for Spain.\u00a0 Although rumors are just rumors right now, should troubles in Spain accelerate this could be the driving force sending gold beyond $1250\/oz since the precious metal becomes an ideal investment vehicle during moments of heightened uncertainty.\u00a0 Therefore, investors should keep an eye on the EU news wires over the next few trading sessions.\u00a0 Meanwhile, U.S. earnings are trickling in with key data points in deck tomorrow.\u00a0 Hence, markets could stay volatile over the next 24-48 hours, normally a suitable environment for gold.<\/p>\n

Technically speaking, gold faces technical barriers in the form of intraday 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: $1231.15\/ oz
\nResistances: $1232.22\/oz, $1233.98\/oz, $1235.75\/oz, $1238.16\/oz, $1241.94\/oz, $1245.87\/oz
\nSupports:\u00a0 $1229.56\/oz, $1227.63\/oz, $1225.20\/oz, $1222.09\/oz, $1219.16\/oz, $1215.42\/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.<\/a><\/strong><\/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":"

Gold is creeping higher in what can be considered an upward consolidation as the precious metal benefits from both its status as a safe haven and its negative correlation with the dollar.\u00a0 Gold\u2019s negative correlation with the greenback finally kicked into gear yesterday as the precious metal popped towards $1240\/oz with the EUR\/USD and Cable … <\/p>\n

Continue reading “Gold Moves in Upward Consolidation”<\/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-10297","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/10297","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=10297"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/10297\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=10297"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=10297"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=10297"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}