{"id":15084,"date":"2010-11-08T08:59:01","date_gmt":"2010-11-08T13:59:01","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=15084"},"modified":"2010-11-08T08:59:01","modified_gmt":"2010-11-08T13:59:01","slug":"gold-looks-to-correct-gains-before-retesting-1400-an-ounce","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/11\/08\/gold-looks-to-correct-gains-before-retesting-1400-an-ounce\/","title":{"rendered":"Gold Looks to Correct Gains before Retesting $1,400 an Ounce"},"content":{"rendered":"<p><strong>By Yan Petters<\/strong> &#8211; Gold  finished last week\u2019s session with an extraordinary bullish move which  took the metal commodity as high as $1,398 an ounce. At the moment, many  analysts claim that gold is about to breach the $1,400. However, as the  4-hour chart shows us, a bearish correction might take place  beforehand.<\/p>\n<p>\u2022 The chart below is the spot gold 4-hour chart by ForexYard.<br \/>\n\u2022 It can be seen that as long as gold was trading above the Bollinger  Bands, the bullish momentum proceeded. However, once gold dropped below  the higher band, a correction of gains took place. As a result gold  dropped to $1,386 an ounce.<br \/>\n\u2022 At the moment, the Slow Stochastic has completed a bearish cross, suggesting that further bearishness might be impending.<br \/>\n\u2022 The RSI is pointing down as well, yet it is still trading above the  70-line. If the RSI will drop below the 70-line, it might validate the  extension of the current bearish move.<br \/>\n\u2022 The next support levels are located at the $1,386, $1,373 and $1,362 levels.<br \/>\n\u2022 The nest resistant level is found at the $1,400 level.<br \/>\n\u2022 Traders should take under consideration that once the bearish  correction is completed \u2013 gold is likely bounce back up. And once gold  breaches the $1,400 resistant level, the psychological effect is likely  to boost gold prices further, with potential to reach $1,410 and even  $1,420 an ounce.<\/p>\n<p><a href=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2010\/11\/gold-08-11.bmp\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2010\/11\/gold-08-11.bmp\" alt=\"\" width=\"590\" height=\"639\" \/><\/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; Gold finished last week\u2019s session with an extraordinary bullish move which took the metal commodity as high as $1,398 an ounce. At the moment, many analysts claim that gold is about to breach the $1,400. However, as the 4-hour chart shows us, a bearish correction might take place beforehand. \u2022 The &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/fx\/2010\/11\/08\/gold-looks-to-correct-gains-before-retesting-1400-an-ounce\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Gold Looks to Correct Gains before Retesting $1,400 an Ounce&#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-15084","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/15084","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=15084"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/15084\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=15084"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=15084"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=15084"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}