{"id":19367,"date":"2011-02-13T03:07:07","date_gmt":"2011-02-13T08:07:07","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=19367"},"modified":"2011-02-13T03:07:07","modified_gmt":"2011-02-13T08:07:07","slug":"short-term-weakness-seen-in-gold","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2011\/02\/13\/short-term-weakness-seen-in-gold\/","title":{"rendered":"Short Term Weakness Seen In Gold"},"content":{"rendered":"<p style=\"text-align: center;\"><a href=\"http:\/\/www.laidtrades.com\/wp-content\/uploads\/2011\/02\/XAUUSD-gold-February-13-2011.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter   wp-image-7948 size-medium\" title=\"XAUUSD gold February 13, 2011\" src=\"http:\/\/www.laidtrades.com\/wp-content\/uploads\/2011\/02\/XAUUSD-gold-February-13-2011-300x170.png\" alt=\"XAUUSD, gold, commodity, commodities trading, commodities market, precious metal, ron acoba\" width=\"300\" height=\"170\" \/><\/a><\/p>\n<p>The price of gold of XAU\/USD in the commodities market could be due for a correction in the near term. As  you can see from its 4-hour chart above, gold has rallied nicely after  hitting a low of $1,308.200 per ounce on January 28, 2011 after reaching  a high of $1,423.69 on the first trading day of the new year. Gold was  able to rebound from the said low and is now trading at $1,356.11. Using  the high on January 3 and the low on January 28, gold has retraced all  the way to its 50% Fibonacci retracement level. For the last 5 days,  gold attempted to move above this level but it was not able to do so.  Notice also that during this period, it has traded within a rising wedge  which technical analysts consider as a bearish formation (a rising  wedge represents a rally in prices). Therefore, a failure to break above  the 50% Fibonacci retracement level and a breach of the wedge&rsquo;s support  could send it back to its former low near $1,310.00.<\/p>\n<p style=\"text-align: center;\"><a href=\"http:\/\/www.laidtrades.com\/wp-content\/uploads\/2011\/02\/gold-XAUUSD-February-13-2011.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-7950 size-medium\" title=\"gold XAUUSD February 13, 2011\" src=\"http:\/\/www.laidtrades.com\/wp-content\/uploads\/2011\/02\/gold-XAUUSD-February-13-2011-300x170.png\" alt=\"XAUUSD, gold, commodity, commodities trading, commodities market, precious metal, ron acoba\" width=\"300\" height=\"170\" \/><\/a><\/p>\n<p style=\"text-align: left;\">Over the longer term, however, it appears  that the gold bulls remain to be in control of the driver seat. An  upside breakout from a continuation inverted head and shoulders pattern  way back in October 2009 eventually pushed gold past its target. If you  remember, gold had tiptoed around $1,400.00 for the most part of  November 2010 to January of this year. Despite a likely weakness in the  short term, gold&rsquo;s uptrend line would most likely support its fall and  even push it back towards its recent highs. As long as this uptrend line  does not buckle, the long term bias for this precious metal remains to  be bullish. Moreover, a presence of a bullish hidden divergence, where  the price registers higher lows and the stochastics mark lower lows,  suggests a probable pick up its in price in the coming week or so.<\/p>\n<p style=\"text-align: left;\">More on <a href=\"http:\/\/www.laidtrades.com\/\">LaidTrades.com<\/a> &#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The price of gold of XAU\/USD in the commodities market could be due for a correction in the near term. As you can see from its 4-hour chart above, gold has rallied nicely after hitting a low of $1,308.200 per ounce on January 28, 2011 after reaching a high of $1,423.69 on the first trading &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/fx\/2011\/02\/13\/short-term-weakness-seen-in-gold\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Short Term Weakness Seen In Gold&#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-19367","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/19367","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=19367"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/19367\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=19367"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=19367"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=19367"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}