{"id":17776,"date":"2011-01-07T08:15:32","date_gmt":"2011-01-07T13:15:32","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=17776"},"modified":"2011-01-07T08:15:32","modified_gmt":"2011-01-07T13:15:32","slug":"gold-is-approaching-3rd-attempt-to-test-1360-support-level","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2011\/01\/07\/gold-is-approaching-3rd-attempt-to-test-1360-support-level\/","title":{"rendered":"Gold Is Approaching 3rd Attempt to Test $1,360 Support Level"},"content":{"rendered":"

By Yan Petters<\/strong><\/p>\n

Gold<\/a> has failed to mark a new all-time high this week, and only reached as high as $1,423 an ounce. This has triggered a sharp bearish move, which is by now reflected in a 6,000 pips decline. Gold has already seen two failed attempts to drop below the $1,360 level, yet it currently seems that a third attempt is impending.<\/p>\n

\u2022 The chart below is the spot gold 8-hour chart by ForexYard.
\n\u2022 The horizontal lines drawn on the chart represent the support<\/a>resistance<\/a> levels of gold trading.
\n\u2022 It can be seen that after gold has failed to breach through the $1,423 resistance level, it has fallen steadily, and reached as low as $1,363 an ounce.
\n\u2022 Currently, a bearish cross of the Slow Stochastic<\/a> indicates that another bearish session might be impending.
\n\u2022 In addition, the MACD<\/a> continues to point down and the RSI<\/a> continues to float below the 30-line, in the over-sold section. Both indicating that the bearish move still has more room to go.
\n\u2022 The next significant support level is placed at $1,360 an ounce. If gold falls below this level, it has the potential to reach $1,350, and afterwards $1,340 an ounce \u2013 before today\u2019s trading ends.
\n\u2022 Nevertheless, in case that gold will fail to cross the $1,360 level, it might bounce back up, and reach $1,382 an ounce.<\/p>\n

\"\"<\/a><\/p>\n

Forex Market Analysis provided by ForexYard. <\/a><\/strong><\/em>
\n<\/a><\/strong><\/em><\/p>\n

\u00a9 2006 by FxYard Ltd<\/p>\n

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":"

Gold has failed to mark a new all-time high this week, and only reached as high as $1,423 an ounce. This has triggered a sharp bearish move, which is by now reflected in a 6,000 pips decline. Gold has already seen two failed attempts to drop<\/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-17776","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/17776","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=17776"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/17776\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=17776"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=17776"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=17776"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}