{"id":8500,"date":"2010-04-12T12:48:37","date_gmt":"2010-04-12T16:48:37","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=8500"},"modified":"2010-04-12T12:48:37","modified_gmt":"2010-04-12T16:48:37","slug":"gold-continues-impressive-climb","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/04\/12\/gold-continues-impressive-climb\/","title":{"rendered":"Gold Continues Impressive Climb"},"content":{"rendered":"

By Fast Brokers<\/strong> – Gold is marching higher, nearly hitting $1170\/oz as the precious metal benefits from today\u2019s pop in the risk trade.\u00a0 The EU\u2019s announcement of financial assistance for Greece has sent the Euro, Cable, and Aussie higher with investor uncertainty abating.\u00a0 Gold has benefitted from its negative Dollar correlation, surging past previous 2010 highs.\u00a0 Gold has been in a win-win situation lately.\u00a0 Investors have fled to the precious metal amid EU uncertainty and are buying up the commodity in reaction to Dollar weakness and correlative forces.\u00a0 Meanwhile, it will be interesting to see whether the EUR\/USD can sustain today\u2019s upward momentum and build a solid uptrend.\u00a0 Such a development could prove beneficial for gold due to the reasons listed above.\u00a0 The data wire will be relatively quiet again tomorrow until the U.S. releases its Trade Balance data, meaning present momentums could stay in play unless there is an unexpected psychological development.<\/p>\n

Technically speaking, gold faces topside technical barriers in the form of intraday and 12\/08 highs.\u00a0 Additionally, the $1170\/oz area could serve as a technical barrier should it be tested.\u00a0 As for the downside, gold has fresh uptrend lines serving as technical cushions along with intraday and 4\/9 lows.\u00a0 Additionally, the psychological $1160\/oz and $1150\/oz areas could serve as solid supports over the near-term<\/p>\n

Present Price: $1161.55\/ oz
\nResistances: $1161.91\/oz, $1163.20\/oz, $1164.77\/oz, $1166.21\/oz, $1167.50\/oz, $1169.22\/oz
\nSupports: $1160.33\/oz, $1158.61\/oz, $1157.34\/oz, $1156.14\/oz, $1154.95\/oz, $1153.73\/oz
\nPsychological:$1170\/oz, $1160\/oz,\u00a0 $1150\/oz, 2010 highs and April lows<\/p>\n

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

(click chart to enlarge)<\/p>\n

Market Commentary<\/strong><\/em> provided by Fast Brokers<\/strong>.<\/a><\/p>\n

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

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","protected":false},"excerpt":{"rendered":"

By Fast Brokers – Gold is marching higher, nearly hitting $1170\/oz as the precious metal benefits from today\u2019s pop in the risk trade.\u00a0 The EU\u2019s announcement of financial assistance for Greece has sent the Euro, Cable, and Aussie higher with investor uncertainty abating.\u00a0 Gold has benefitted from its negative Dollar correlation, surging past previous 2010 … <\/p>\n

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