{"id":9733,"date":"2010-05-26T11:30:28","date_gmt":"2010-05-26T15:30:28","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=9733"},"modified":"2010-05-26T11:30:28","modified_gmt":"2010-05-26T15:30:28","slug":"gold-climbs-past-1200oz","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/05\/26\/gold-climbs-past-1200oz\/","title":{"rendered":"Gold Climbs Past $1200\/oz"},"content":{"rendered":"

By Fast Brokers<\/strong> – Gold is gravitating higher, extending its solid rally from 5\/21 lows and eclipsing its highly psychological $1200\/oz level once again.\u00a0 Strength in gold comes despite yesterday\u2019s late bounce in the risk trading, showing that the precious metal is willing to flex its negative correlation with the dollar despite its status as a safe haven.\u00a0 Speaking of safety, even though the Cable and EUR\/USD managed to rally before hitting their previous May lows, the major dollar pairs are still under considerable pressure since uncertainty regarding the EU hasn\u2019t changed.\u00a0 Therefore, despite the calm, investors should keep an active eye on the news wire for another game-changing negative or positive development in the EU seems imminent.\u00a0 However, gold\u2019s correlation with the greenback is a bit unreliable at the moment, so investors should focus more on technical than correlative forces for the near-term.\u00a0 The U.S. will highlight the data wire with DGO data followed by new home sales.\u00a0 Considering how fragile situations are investors should be prepared for a spike in volatility.<\/p>\n

Technically speaking, gold faces technical barriers in the form of 5\/7 and 5\/18 highs.\u00a0 Additionally, the psychological $1250\/oz level should serve as a solid technical barrier should it be reached.\u00a0 As for the downside, gold has multiple uptrend lines serving as technical cushions along with 5\/25 and 5\/21 lows.\u00a0 Furthermore, the psychological $1200\/oz area now becomes a technical cushion.<\/p>\n

Present Price: $1203.60\/ oz
\nResistances: $1205.26\/oz, $1208.07\/oz, $1211.57\/oz, $1215.69\/oz, $1219.16\/oz
\nSupports:\u00a0 $1202.59\/oz, $1199.91\/oz, $1197.08\/oz, $1194.24\/oz, $1190.92\/oz.
\nPsychological:\u00a0 $1200\/oz, $1250\/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 gravitating higher, extending its solid rally from 5\/21 lows and eclipsing its highly psychological $1200\/oz level once again.\u00a0 Strength in gold comes despite yesterday\u2019s late bounce in the risk trading, showing that the precious metal is willing to flex its negative correlation with the dollar despite its status as … <\/p>\n

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