{"id":9581,"date":"2010-05-19T12:30:17","date_gmt":"2010-05-19T16:30:17","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=9581"},"modified":"2010-05-19T12:30:17","modified_gmt":"2010-05-19T16:30:17","slug":"gold-drops-below-1200oz","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/05\/19\/gold-drops-below-1200oz\/","title":{"rendered":"Gold Drops Below $1200\/oz"},"content":{"rendered":"<p><strong>By Fast Brokers<\/strong> &#8211; Gold has dipped below its highly psychological $1200\/oz level as investors continue to lock in profits.\u00a0 Though one would anticipate a strong performance from gold due to yesterday\u2019s downturn in the risk trade, we wouldn\u2019t take gold\u2019s pullback too seriously at this point since the precious metal has been on such an impressive run.\u00a0 Hence, we\u2019re taking the movement as healthy profit taking and we wouldn\u2019t be surprised to see $1200\/oz turn into a key near-term battle ground.\u00a0 Meanwhile, investors should keep a close eye on the EUR\/USD and Cable, which have both been incredibly volatile over the past 24-hours.\u00a0 Immense psychological forces are at work and gold is subject to wild market movements should the tide in the risk trade move in either direction.\u00a0 We\u2019ll receive some key data points from Japan, the UK and U.S. tomorrow, though attention will likely remain focused on the EU as leaders volley over the details pertaining to its $1 trillion rescue package.<\/p>\n<p>Technically speaking, gold faces technical barriers in the form of intraday and 5\/18 highs.\u00a0 As for the downside, gold still has multiple uptrend lines serving as technical cushions along with 5\/10 lows and the highly psychological $1200\/oz area.<\/p>\n<p>Present Price: $1197.12\/ oz<br \/>\nResistances: $1199.30\/oz, $1202.59\/oz, $1205.26\/oz, $1208.07\/oz, $1211.57\/oz<br \/>\nSupports: $1195.20\/oz, $1191.33\/oz, $1187.10\/oz, $1183.52\/oz, $1178.97\/oz<br \/>\nPsychological: $1250\/oz, $1200\/oz<\/p>\n<p><a href=\"http:\/\/fastbrokers.net\/news\/image\/May19Gold.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/fastbrokers.net\/news\/image\/May19Gold.png\" alt=\"\" width=\"595\" height=\"400\" \/><\/a><\/p>\n<p><em><strong>Market Commentary<\/strong><\/em> provided by <a href=\"http:\/\/www.fastbrokers.com\/index.php?CP001\" target=\"_blank\"><strong>Fast                             Brokers<\/strong>.<\/a><\/p>\n<p><strong>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<p><strong>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":"<p>By Fast Brokers &#8211; Gold has dipped below its highly psychological $1200\/oz level as investors continue to lock in profits.\u00a0 Though one would anticipate a strong performance from gold due to yesterday\u2019s downturn in the risk trade, we wouldn\u2019t take gold\u2019s pullback too seriously at this point since the precious metal has been on such &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/fx\/2010\/05\/19\/gold-drops-below-1200oz\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Gold Drops Below $1200\/oz&#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-9581","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/9581","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=9581"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/9581\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=9581"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=9581"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=9581"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}