{"id":11063,"date":"2010-07-13T15:38:08","date_gmt":"2010-07-13T19:38:08","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=11063"},"modified":"2010-07-13T15:38:08","modified_gmt":"2010-07-13T19:38:08","slug":"gold-pops-following-portugal-downgrade","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/07\/13\/gold-pops-following-portugal-downgrade\/","title":{"rendered":"Gold Pops Following Portugal Downgrade"},"content":{"rendered":"<p><strong>By Fast Brokers<\/strong> &#8211; Gold has popped past previous July highs after news hit that Moody\u2019s is downgrade Portugal\u2019s debt by two notches.\u00a0 However, intraday gains are being capped by a relatively successful auction of Greek bonds, encouraging investors that Greece will not default on its debt.\u00a0 Regardless, the Portugal downgrade gives investors uncertainty a bit of a boost and gold is benefitting.\u00a0 Gold seems to have locked back into its uptrend in the process, though we will have to see if the precious metal can get beyond near-term downtrend lines.\u00a0 If not, gold could be in for heavier losses.\u00a0 We tend to err on the side of optimism since gold has shown it can benefit from both good times and bad.\u00a0 Meanwhile, we\u2019ll keep an eye on technicals and gold\u2019s reaction to upcoming data and earnings.<\/p>\n<p>Technically speaking, gold multiple uptrend lines in place and $1200\/oz becomes a technical cushion once again.\u00a0 Gold also has technical supports in the form of intraday and 7\/7 lows.\u00a0 As for the topside, gold faces technical barriers in the form of 6\/1 and 6\/30 highs.<\/p>\n<p>Present Price: $1215.75\/ oz<br \/>\nResistances: $1216.85\/oz, $1219.35\/oz, $1221.01\/oz, $1223.52\/oz, $1225.55\/oz, $1228.03\/oz<br \/>\nSupports:\u00a0 $1214.57\/oz, $1212.49\/oz, $1210.39\/oz, $1208.55\/oz, $1206.43\/oz, $1203.77\/oz<br \/>\nPsychological: $1200\/oz, July highs and lows<\/p>\n<p><a href=\"http:\/\/www.fastbrokers.com\/commentary\/image\/July13Gold.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/www.fastbrokers.com\/commentary\/image\/July13Gold.png\" alt=\"\" width=\"595\" height=\"400\" \/><\/a><\/p>\n<div>\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<\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Fast Brokers &#8211; Gold has popped past previous July highs after news hit that Moody\u2019s is downgrade Portugal\u2019s debt by two notches.\u00a0 However, intraday gains are being capped by a relatively successful auction of Greek bonds, encouraging investors that Greece will not default on its debt.\u00a0 Regardless, the Portugal downgrade gives investors uncertainty a &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/fx\/2010\/07\/13\/gold-pops-following-portugal-downgrade\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Gold Pops Following Portugal Downgrade&#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-11063","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/11063","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=11063"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/11063\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=11063"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=11063"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=11063"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}