{"id":9025,"date":"2010-05-03T09:55:48","date_gmt":"2010-05-03T13:55:48","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=9025"},"modified":"2010-05-03T09:55:48","modified_gmt":"2010-05-03T13:55:48","slug":"gold-tests-1180oz","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/05\/03\/gold-tests-1180oz\/","title":{"rendered":"Gold Tests $1180\/oz"},"content":{"rendered":"

By Fast Brokers<\/strong> – Gold is battling its psychological $1180\/oz level as investors digest the EU\u2019s decision to supply Greece with roughly $150 billion over 3 years.\u00a0\u00a0 Thus far the Euro has reacted negatively to the news, capping gains in gold.\u00a0 Additionally, it wouldn\u2019t be surprising to see a little profit taking considering the run the precious metal has been on the past month.\u00a0 Should uncertainty continue in the EU and UK this could benefit gold over the near-term since the precious metal is an ideal safe haven when investors have fewer places to turn.\u00a0 The news and data wires will get hectic mid week with U.S. employment data, UK parliamentary elections, and an EU monetary policy decision.\u00a0 Should these events prove damaging for the risk trade gold may be able to test its highly psychological $1200\/oz level.\u00a0 Additionally, should these events prove beneficial for the risk trade gold may also benefit due to its usual negative correlation with the greenback.\u00a0 Hence, gold seems to be in a win-win position right now.\u00a0 However, there are some tough obstacles hanging over head, meaning the topside could prove to be more challenging if the precious metal approaches $1200\/oz.<\/p>\n

Technically speaking, gold is continuing to set fresh April highs as the month comes to a close, certainly a positive development for the precious metal in terms of momentum.\u00a0 That being said, gold is now squaring its sights on the highly psychological $1200\/oz level and previous all-time highs.\u00a0 As for the downside, gold has multiple uptrend lines serving as technical cushions along with intraday, 4\/28 and 4\/27 lows.\u00a0 Additionally, the psychological $1170\/oz and $1160\/oz areas could serve as solid cushions should they be tested.<\/p>\n

Present Price: $1177.30\/ oz
\nResistances: $1178.77\/oz, $1181.58\/oz, $1184.84\/oz, $1187.12\/oz, $1189.74\/oz, $1191.69\/oz
\nSupports: $1175.89\/oz, $1174.22\/oz, $1172.43\/oz, $1170.77\/oz, $1169.32\/oz, $1162.21\/oz
\nPsychological: $1200\/oz, $1180\/oz, $1170\/oz, $1160\/oz, April highs and 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 battling its psychological $1180\/oz level as investors digest the EU\u2019s decision to supply Greece with roughly $150 billion over 3 years.\u00a0\u00a0 Thus far the Euro has reacted negatively to the news, capping gains in gold.\u00a0 Additionally, it wouldn\u2019t be surprising to see a little profit taking considering the run … <\/p>\n

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