{"id":9663,"date":"2010-05-24T10:44:44","date_gmt":"2010-05-24T14:44:44","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=9663"},"modified":"2010-05-24T10:44:44","modified_gmt":"2010-05-24T14:44:44","slug":"gold-bounces","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/05\/24\/gold-bounces\/","title":{"rendered":"Gold Bounces"},"content":{"rendered":"<p><strong>By Fast Brokers<\/strong> &#8211; Gold is bouncing back towards $1190\/oz after hitting bottom just above $1160\/oz on Friday.\u00a0 Despite gold\u2019s rapid decline from $1250\/oz, the precious metal still has solid technical supports in place in the form of monthly lows and the psychological $1150\/oz level.\u00a0 Due to the extent of gold\u2019s recent rise it is not surprising that the precious metal has undergone a wave of profit taking.\u00a0 Gold\u2019s decline also accelerated last week as the major dollar pairs bounced from their lows.\u00a0 However, the precious metal is moving in lockstep with the risk trade today and should the pullback in the dollar pick up speed gold may continue its climb back towards $1200\/oz.\u00a0 Investors should remember that despite gold\u2019s status as a safe haven investment vehicle, the precious metal also tends to exhibit a negative correlation with the greenback.\u00a0 Hence, gold\u2019s upward trajectory is still intact, particularly if uncertainty persists in the EU over the medium-term.<\/p>\n<p>Technically speaking, gold faces technical barriers in the form of intraday and 5\/20 highs.\u00a0 Additionally, the psychological $1200\/oz level should serve as a solid technical barrier should it be reached.\u00a0 As for the downside, gold still has multiple uptrend lines serving as technical cushions along with 5\/21 and 5\/5 lows.\u00a0 Furthermore, the $1150\/oz level should serve as a strong technical cushion should it be tested.<\/p>\n<p>Present Price: $1187.08\/ oz<br \/>\nResistances: $1187.26\/oz, $1191.33\/oz, $1195.20\/oz, $1199.30\/oz, $1202.59\/oz<br \/>\nSupports:\u00a0 $1178.97\/oz, $1174.76\/oz, $1171.60\/oz, $1168.80\/oz, $1163.89\/oz.<br \/>\nPsychological:\u00a0 $1200\/oz, $1150\/oz<\/p>\n<p><a href=\"http:\/\/fastbrokers.net\/news\/image\/May24Gold.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/fastbrokers.net\/news\/image\/May24Gold.png\" alt=\"\" width=\"595\" height=\"400\" \/><\/a><\/p>\n<p>(click chart to enlarge)<\/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 is bouncing back towards $1190\/oz after hitting bottom just above $1160\/oz on Friday.\u00a0 Despite gold\u2019s rapid decline from $1250\/oz, the precious metal still has solid technical supports in place in the form of monthly lows and the psychological $1150\/oz level.\u00a0 Due to the extent of gold\u2019s recent rise it is &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/fx\/2010\/05\/24\/gold-bounces\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Gold Bounces&#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-9663","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/9663","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=9663"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/9663\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=9663"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=9663"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=9663"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}