{"id":9419,"date":"2010-05-14T08:59:46","date_gmt":"2010-05-14T12:59:46","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=9419"},"modified":"2010-05-14T08:59:46","modified_gmt":"2010-05-14T12:59:46","slug":"spot-gold-support-and-resistance-lines","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/05\/14\/spot-gold-support-and-resistance-lines\/","title":{"rendered":"Spot Gold Support and Resistance Lines"},"content":{"rendered":"<p><strong>By Russell Glaser <\/strong>&#8211; Gold prices retreated from their all time high, but yesterday\u2019s pull  back in the price was limited due to the price running into a  significant support level.<\/p>\n<p>The price of spot gold fell to $1235.10,  down from the commodity\u2019s opening day price of $12360.60.<\/p>\n<p>The drop in the price of spot gold was restrained when compared to  the price volatility the commodity has seen as of recent. The price of  spot gold has risen 14% in the past 7 weeks.<\/p>\n<p>Per the spot gold daily chart below:<\/p>\n<p>1.\tYesterday\u2019s price decline that was halted the near the support  line of $1224.50.<br \/>\n2.\tA short term trend line that shows the sharp price appreciation for  the past 7 weeks.<br \/>\n3.\tA long term trend line that takes into account all the price action.<br \/>\n4.\tSupport at $1169<br \/>\n5.\tSupport $1058.65<\/p>\n<p>Traders can use the support and resistance lines when trading spot  gold. Depending on the time frame and direction of the trade, the prices  mapped out below should serve as areas for setting stops and limits for  reducing risk and potential profit taking.<\/p>\n<p><a href=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2010\/05\/Spot-Gold-Daily-Chart.JPG\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2010\/05\/Spot-Gold-Daily-Chart.JPG\" alt=\"\" width=\"595\" height=\"571\" \/><\/a><\/p>\n<p><strong><em>Forex Market    Analysis<\/em> provided by\u00a0<a href=\"http:\/\/www.forexyard.com\/?zone_id=1398\" target=\"_blank\">Forex                                     Yard.<\/a><\/strong><\/p>\n<p>\u00a9 2006 by FxYard Ltd<\/p>\n<p>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":"<p>By Russell Glaser &#8211; Gold prices retreated from their all time high, but yesterday\u2019s pull back in the price was limited due to the price running into a significant support level. The price of spot gold fell to $1235.10, down from the commodity\u2019s opening day price of $12360.60. The drop in the price of spot &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/fx\/2010\/05\/14\/spot-gold-support-and-resistance-lines\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Spot Gold Support and Resistance Lines&#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-9419","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/9419","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=9419"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/9419\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=9419"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=9419"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=9419"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}