{"id":14726,"date":"2010-11-01T08:57:54","date_gmt":"2010-11-01T12:57:54","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=14726"},"modified":"2010-11-01T08:57:54","modified_gmt":"2010-11-01T12:57:54","slug":"spot-gold-technical-correction-might-be-in-place","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/11\/01\/spot-gold-technical-correction-might-be-in-place\/","title":{"rendered":"Spot Gold \u2013 Technical Correction Might Be In Place"},"content":{"rendered":"<p><strong>By Yan Petters<\/strong> &#8211; For the past couple of months gold proved to be one of the most  exciting trading instruments in the market. The commodity, which is  considered to be quite volatile as is, has turned into a leading  investment, especially due to the lack of certainty in the market, and  the unstable condition of the leading economies. Gold has recently  advanced to $1,365 an ounce, gaining over $40 per ounce in merely 3  days. However, several technical indicators suggest now that a bearish  correction might be impending.<\/p>\n<p>\u2022 The chart below is the Gold 4-hour chart by ForexYard.<br \/>\n\u2022 The chart shows that after a 3-days rally, gold has been range-trading around $1,360 an ounce.<br \/>\n\u2022 The bullish rally continued for as long as gold remained above the <a href=\"http:\/\/www.forexyard.com\/en\/bollinger-bands\">Bollinger Bands<\/a>\u2018 higher boarder. Yet now, gold has dropped below the higher band, indicating that the bullish move has reached its peak.<br \/>\n\u2022 A bearish cross of the Slow <a href=\"http:\/\/www.forexyard.com\/en\/stochastic\">Stochastic<\/a> also suggests that gold might see a bearish correction soon.<br \/>\n\u2022 The <a href=\"http:\/\/www.forexyard.com\/en\/relative-strength-index-rsi\">RSI<\/a> is pointing down at the moment. If the RSI will drop below the 70-line, it might verify that a bearish move is inevitable.<br \/>\n\u2022 Gold\u2019s next <a href=\"http:\/\/www.forexyard.com\/en\/price-support-levels\">support levels<\/a> are located at: $1,356, $1,347, $1,341 and $1,335.<br \/>\n\u2022 <a href=\"http:\/\/www.forexyard.com\/en\/price-resistance-levels\">Resistant levels<\/a> are: $1,365, $1,370, $1,381 and $1,386.<\/p>\n<p><a href=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2010\/11\/gold-01-111.bmp\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2010\/11\/gold-01-111.bmp\" alt=\"\" width=\"595\" height=\"666\" \/><\/a><\/p>\n<p><em><strong>Forex <\/strong><strong>Market Analysis provided by <a href=\"http:\/\/www.forexyard.com\/?zone_id=1398\" target=\"_blank\">ForexYard.<\/a><\/strong><\/em><\/p>\n<p>\u00a9 2006 by FxYard Ltd<\/p>\n<p>Disclaimer: Trading Foreign Exchange carries a high level of risk and                                                                                                                              may     not    be                  suitable         for         all                           investors.                  There          is    a                                                   possibility                  that                          you               could                      sustain a        loss              of     all            of            your                                             investment      and                                     therefore     you                             should         not                      invest                      money         that           you                              cannot                   afford  to                          lose.     You                             should          be               aware           of                   all             the           risks                                    associated              with                  Foreign                         Exchange                             trading.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Yan Petters &#8211; For the past couple of months gold proved to be one of the most exciting trading instruments in the market. The commodity, which is considered to be quite volatile as is, has turned into a leading investment, especially due to the lack of certainty in the market, and the unstable condition &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/fx\/2010\/11\/01\/spot-gold-technical-correction-might-be-in-place\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Spot Gold \u2013 Technical Correction Might Be In Place&#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-14726","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/14726","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=14726"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/14726\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=14726"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=14726"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=14726"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}