{"id":10527,"date":"2010-06-24T10:59:07","date_gmt":"2010-06-24T14:59:07","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=10527"},"modified":"2010-06-24T10:59:07","modified_gmt":"2010-06-24T14:59:07","slug":"gold-undergoes-wild-fluctuations","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/06\/24\/gold-undergoes-wild-fluctuations\/","title":{"rendered":"Gold Undergoes Wild Fluctuations"},"content":{"rendered":"<p><strong>By Fast Brokers <\/strong>&#8211; Gold has undergone wild fluctuations over the past 24 hours as bulls bite on weakness.\u00a0 However, the bears are winning out at this point in time as more investors lock in profits after the precious metal set new all-time highs.\u00a0 Regardless, gold does have an impressive support system in place considering its steady rise over the past couple months.\u00a0 Hence, it could be unwise to read too far into gold\u2019s recent downturn as more than a healthy technical development.\u00a0 Meanwhile, the EUR\/USD and AUD\/USD appear to have hit a roadblock and the Yen is running against the Greenback.\u00a0 Outside of the Cable\u2019s pop the FX markets are sending risk-averse signals, normally a positive for gold.\u00a0 That being said, gold seems to be following its correlation with the risk trade at the moment.\u00a0 However, should global psychologicals take a turn for the worse, this could lead investors back to gold as a safe haven asset.\u00a0 We will have to see how markets react to today\u2019s U.S. data set, including weekly unemployment claims and durable goods orders.<\/p>\n<p>Technically speaking, gold still has multiple uptrend lines at work along with 6\/23 and 6\/10 lows.\u00a0 Furthermore, the highly psychological $1200\/oz level could serve as a solid cushion should it be tested.\u00a0 As for the topside, gold faces technical barriers in the form of 6\/23 and 6\/28 highs.\u00a0 Additionally, the psychological $1250\/oz level continues to serve as a strong technical obstacle.<\/p>\n<p>Present Price: $1228.88\/ oz<br \/>\nSupports:\u00a0 $1227.63\/oz, $1225.20\/oz, $1222.09\/oz, $1219.16\/oz, $1215.93\/oz, $1212.96\/oz<br \/>\nSupports:\u00a0 $1230.09\/oz, $1233.98\/oz, $1237.62\/oz, $1240.36\/oz, $1242.64\/oz, $1244.40\/oz<br \/>\nPsychological: $1250\/oz, $1200\/oz,\u00a0 June highs and lows<\/p>\n<p><a href=\"http:\/\/www.fastbrokers.com\/commentary\/image\/June24Gold.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/www.fastbrokers.com\/commentary\/image\/June24Gold.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 <strong><a href=\"http:\/\/fastbrokers.com\/index.php?9f9043f9\" target=\"_blank\">Fast                                          Brokers.<\/a><\/strong><\/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 has undergone wild fluctuations over the past 24 hours as bulls bite on weakness.\u00a0 However, the bears are winning out at this point in time as more investors lock in profits after the precious metal set new all-time highs.\u00a0 Regardless, gold does have an impressive support system in place considering &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/fx\/2010\/06\/24\/gold-undergoes-wild-fluctuations\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Gold Undergoes Wild Fluctuations&#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-10527","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/10527","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=10527"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/10527\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=10527"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=10527"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=10527"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}