{"id":9432,"date":"2010-05-14T15:59:22","date_gmt":"2010-05-14T19:59:22","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=9432"},"modified":"2010-05-14T15:59:22","modified_gmt":"2010-05-14T19:59:22","slug":"gold-tests-1250oz","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/05\/14\/gold-tests-1250oz\/","title":{"rendered":"Gold Tests $1250\/oz"},"content":{"rendered":"

By Fast Brokers<\/strong> – Gold is testing its psychological $1250\/oz level as it breaks away from other foreseeable technical barriers.\u00a0 The precious metal continues to benefit from its win-win position, and this should be the case so long as investor uncertainty is so high.\u00a0 Austerity concerns are weighing on the EUR\/USD and risk trade as a whole, leading investors towards dollar, gold, and yen.\u00a0 Additionally, gold tends to flex its negative correlation with the greenback when the risk trade does rally, meaning gold is in an opportune environment.\u00a0 However, should concern about the EU manage to abate and FX markets stabilize then gold may finally reach a more lasting top.\u00a0 That being said, there\u2019s no end in sight as far as uncertainty is concerned with important economists, analysts, and central bankers placing more psychological pressure on the Euro.\u00a0 On the other hand, some near-term profit taking in gold wouldn\u2019t be surprising considering the run the precious metal has been on this month.<\/p>\n

Technically speaking, gold faces technical barriers in the form of intraday highs and the psychological $1250\/oz area.\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 has run out of meaningful technical barriers, normally a positive sign concerning near to medium term performance.<\/p>\n

Present Price: $1240.13\/ oz
\nResistances: $1244.32\/oz, $1249.04\/oz
\nSupports: $1239.51\/oz, $1236.76\/oz, $1232.64\/oz, $1227.49\/oz, $1225.88\/oz
\nPsychological: $1250\/oz, $1200\/oz<\/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 testing its psychological $1250\/oz level as it breaks away from other foreseeable technical barriers.\u00a0 The precious metal continues to benefit from its win-win position, and this should be the case so long as investor uncertainty is so high.\u00a0 Austerity concerns are weighing on the EUR\/USD and risk trade as … <\/p>\n

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