{"id":9310,"date":"2010-05-11T12:59:52","date_gmt":"2010-05-11T16:59:52","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=9310"},"modified":"2010-05-11T12:59:52","modified_gmt":"2010-05-11T16:59:52","slug":"gold-tests-record-highs","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/05\/11\/gold-tests-record-highs\/","title":{"rendered":"Gold Tests Record Highs"},"content":{"rendered":"

By Fast Brokers<\/strong> – Gold is surging higher today, testing its December 2009 highs as the precious metal benefits from its win-win position as we explained yesterday.\u00a0 Gold is in a unique spot right now considering its status as a safe haven along with its negative correlation with the greenback.\u00a0 Investors are beginning to question the potential effectiveness of the EU\u2019s rescue package, sending the risk trade lower across the board.\u00a0 Such uncertainty and risk aversion is clearly acting as a positive catalyst for gold right now.\u00a0 In addition to uncertainty in the EU, China\u2019s SCI officially entered a bull market and the UK parliament is in the midst of intense negotiations.\u00a0 Hence, it\u2019s tough to find stability anywhere at the moment, making gold a desirable purchase for the near-term, or at least until uncertainty settles.\u00a0 The data wire will pick back up tomorrow, beginning with Australia home loans and ending with U.S. trade balance data.\u00a0 Hence, considering the amount of news stories floating around, the combination of key data could make for another active 24 hours.<\/p>\n

Technically speaking, gold faces technical barriers in the form of intraday and December 2009 highs.\u00a0 As for the downside, gold has multiple uptrend lines serving as technical cushions along with intraday lows and the highly psychological $1200\/oz area.\u00a0 Gold is beginning to run low on technical barriers, normally a positive sign concerning near to medium term performance.<\/p>\n

Present Price: $1219.23\/ oz
\nResistances: $1222.07\/oz, $1225.66\/oz
\nSupports: $1215.41\/oz, $1211.97\/oz, $1209.69\/oz, $1207.76\/oz, $1204.58\/oz, $1202.01\/oz
\nPsychological: $1200\/oz, December 2009 highs<\/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 surging higher today, testing its December 2009 highs as the precious metal benefits from its win-win position as we explained yesterday.\u00a0 Gold is in a unique spot right now considering its status as a safe haven along with its negative correlation with the greenback.\u00a0 Investors are beginning to question … <\/p>\n

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