{"id":9779,"date":"2010-05-27T11:50:15","date_gmt":"2010-05-27T15:50:15","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=9779"},"modified":"2010-05-27T11:50:15","modified_gmt":"2010-05-27T15:50:15","slug":"gold-extends-rally-towards-519-highs","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/05\/27\/gold-extends-rally-towards-519-highs\/","title":{"rendered":"Gold Extends Rally Towards 5\/19 Highs"},"content":{"rendered":"

By Fast Brokers<\/strong> – Gold extended its rally above $1200\/oz yesterday after rumors hit that China\u2019s SAFE is reconsidering its exposure to EU assets.\u00a0 The possibility of a different asset composure at SAFE benefits gold and the dollar with few other options available.\u00a0 However, Chinese government officials were quick to deny this rumor today, helping the risk trade gain back some lost ground.\u00a0 Meanwhile, focus remains on the EU as investors wait for a vote from Spain\u2019s parliament on planned austerity measures.\u00a0 If the measures don\u2019t pass this could put the Euro under pressure and boost gold.\u00a0 However, if the package passes this could give a little vote of confidence to the EU, though it will be interesting to see how gold would react in this situation.\u00a0 Gold seems to be at a crossroads at the moment with previous all-time highs hanging overhead and the psychological $1200\/oz level waiting below.\u00a0 Hence, a bit of consolidation over the near-term would not be surprising.\u00a0 On the other hand, we\u2019ve come to expect the unexpected from the EU over the past couple months, meaning investors should keep an active watch on the markets.<\/p>\n

Technically speaking, gold faces technical barriers in the form of intraday 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: $1210.78\/ oz
\nResistances: $1215.69\/oz, $1219.16\/oz, $1222\/oz, $1226.80\/oz, $1229.56\/oz
\nSupports:\u00a0 $1210.58\/oz, $1207.21\/oz, $1202.59\/oz, $1199.91\/oz, $1197.08\/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 extended its rally above $1200\/oz yesterday after rumors hit that China\u2019s SAFE is reconsidering its exposure to EU assets.\u00a0 The possibility of a different asset composure at SAFE benefits gold and the dollar with few other options available.\u00a0 However, Chinese government officials were quick to deny this rumor today, helping … <\/p>\n

Continue reading “Gold Extends Rally Towards 5\/19 Highs”<\/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-9779","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/9779","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=9779"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/9779\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=9779"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=9779"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=9779"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}