{"id":11031,"date":"2010-07-12T12:45:19","date_gmt":"2010-07-12T16:45:19","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=11031"},"modified":"2010-07-12T12:45:19","modified_gmt":"2010-07-12T16:45:19","slug":"gold-tries-to-hold-above-1200oz","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/07\/12\/gold-tries-to-hold-above-1200oz\/","title":{"rendered":"Gold Tries to Hold Above $1200\/oz"},"content":{"rendered":"

By Fast Brokers<\/strong> – Gold is easing back from Friday\u2019s highs as the precious metal tried to hold above its highly psychological $1200\/oz level. \u00a0Gold is still in the midst of a key technical battle as investors debate whether to keep the precious metal within the bounds of its medium-term uptrend line or send gold reeling towards a more protracted downturn. \u00a0Considering investor uncertainty is still sitting at an abnormally high level it currently looks like the bulls will win this battle. \u00a0Additionally, investors should also remember gold has the potential to lock back into its negative correlation with the greenback should the risk trade continue its broad-based recovery. \u00a0U.S. earnings season kicks off today, meaning the risk trade could be tested over the next week or two. \u00a0We\u2019ve also got key data releases from around the globe disbursed through the week meaning markets could be approached a period of volatility. \u00a0Investors should keep a sharp eye on the FX markets and monitor the ability of the EUR\/USD and Cable to hold onto their respective near-term uptrends.<\/p>\n

Technically speaking, gold multiple uptrend lines in place and $1200\/oz becomes a technical cushion once again. \u00a0Gold also has technical supports in the form of 7\/9 and 7\/8 lows. \u00a0As for the topside, gold faces technical barriers in the form of intraday and 7\/9 highs.<\/div>\n
Present Price: $1204.40\/ oz<\/div>\n
Resistances: $1206.43\/oz, $1208.55\/oz, $1210.39\/oz, $1212.49\/oz, $1214.57\/oz, $1216.85\/oz<\/div>\n
Supports: \u00a0$1203.77\/oz, $1201.95\/oz, $1200.39\/oz, $1197.88\/oz, $1196.22\/oz, $1194.23\/oz<\/div>\n
Psychological: $1200\/oz, July highs and lows<\/div>\n
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(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<\/div>\n","protected":false},"excerpt":{"rendered":"

By Fast Brokers – Gold is easing back from Friday\u2019s highs as the precious metal tried to hold above its highly psychological $1200\/oz level. \u00a0Gold is still in the midst of a key technical battle as investors debate whether to keep the precious metal within the bounds of its medium-term uptrend line or send gold … <\/p>\n

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