{"id":10450,"date":"2010-06-22T12:26:14","date_gmt":"2010-06-22T16:26:14","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=10450"},"modified":"2010-06-22T12:26:14","modified_gmt":"2010-06-22T16:26:14","slug":"gold-bounced-after-swift-sell-off","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/06\/22\/gold-bounced-after-swift-sell-off\/","title":{"rendered":"Gold Bounced After Swift Sell-Off"},"content":{"rendered":"

By Fast Brokers<\/strong> – Gold has bounced back to $1240\/oz after undergoing a swift sell-off yesterday as the risk trade pulled back across the board.\u00a0 However, the weakness in gold likely stemmed from overbought conditions as the precious metal remains locked within its steady uptrend.\u00a0 It will be interesting to see how much lost ground gold can make up over the near-term or whether another bout of selling ensues.\u00a0 So far gold is exhibiting a healthy technical rise and there\u2019s presently no reason to panic from yesterday\u2019s downturn.\u00a0 Meanwhile, investors are digesting austerity measures from the UK and Japan and we will have to see how the risk trade fares over the next 24-48 hours.\u00a0 We have key data from the EU coming across the board tomorrow along with the BoE\u2019s meeting minutes and a Fed monetary policy decision.\u00a0 Should either event deal a negative psychological blow to the risk trade this may benefit gold due to its safe haven status.\u00a0 On the other hand, if the risk trade steps back into its uptrend then gold should also follow suit due to the precious metal\u2019s negative correlation with the greenback.<\/p>\n

Technically speaking, gold faces technical barriers in the form of intraday and 6\/21 highs.\u00a0 Additionally, the $1250\/oz level becomes a psychological hindrance once more.\u00a0 As for the downside, gold has multiple uptrend lines serving as technical cushions along with 6\/21, 6\/16, and 6\/7 lows.<\/p>\n

Present Price: $1240.08\/ oz
\nResistances:\u00a0 $1241.91\/oz, $1244.40\/oz, $1248\/oz, $1251.55\/oz, $2155.12\/oz, $1260.06\/oz
\nSupports:\u00a0 $1237.38\/oz, $1235.75\/oz, $1233.98\/oz, $1231.35\/oz, $1229.56\/oz, $1227.63\/oz
\nPsychological: $1250\/oz, June highs<\/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":"

By Fast Brokers – Gold has bounced back to $1240\/oz after undergoing a swift sell-off yesterday as the risk trade pulled back across the board.\u00a0 However, the weakness in gold likely stemmed from overbought conditions as the precious metal remains locked within its steady uptrend.\u00a0 It will be interesting to see how much lost ground … <\/p>\n

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