{"id":9849,"date":"2010-05-31T12:27:31","date_gmt":"2010-05-31T16:27:31","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=9849"},"modified":"2010-05-31T12:27:31","modified_gmt":"2010-05-31T16:27:31","slug":"gold-consolidates-above-1200oz","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/05\/31\/gold-consolidates-above-1200oz\/","title":{"rendered":"Gold Consolidates Above $1200\/oz"},"content":{"rendered":"<p><strong>By Fast Brokers <\/strong>&#8211; Gold is consolidating above its highly psychological $1200\/oz level as investors debate whether to retest previous May highs.\u00a0 Consolidation above $1200\/oz is certainly a positive development, though it will be interesting to see whether the precious metal can manage to break out again or whether it deviates back below $1200\/oz.\u00a0 Overall, the risk trade is in a consolidation phase and it appears investors are deciding where to take the next leg.\u00a0 Considerable downward pressure remains due to the fiscal headwinds blowing form the EU.\u00a0 Meanwhile, we\u2019ve got some important data coming this week along with and RBA decision tomorrow, meaning activity could pick up as the trading week progresses.\u00a0 China will get the ball rolling tomorrow with manufacturing PMI.\u00a0 Fasten your seatbelts because we could be in for another volatile week.<\/p>\n<p>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<p>Present Price: $1210.78\/ oz<br \/>\nResistances: $1215.69\/oz, $1219.16\/oz, $1222\/oz, $1226.80\/oz, $1229.56\/oz<br \/>\nSupports:\u00a0 $1210.58\/oz, $1207.21\/oz, $1202.59\/oz, $1199.91\/oz, $1197.08\/oz.<br \/>\nPsychological:\u00a0 $1200\/oz, $1250\/oz<\/p>\n<p><a href=\"http:\/\/fastbrokers.net\/news\/image\/May31Gold.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/fastbrokers.net\/news\/image\/May31Gold.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 consolidating above its highly psychological $1200\/oz level as investors debate whether to retest previous May highs.\u00a0 Consolidation above $1200\/oz is certainly a positive development, though it will be interesting to see whether the precious metal can manage to break out again or whether it deviates back below $1200\/oz.\u00a0 Overall, &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/fx\/2010\/05\/31\/gold-consolidates-above-1200oz\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Gold Consolidates Above $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-9849","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/9849","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=9849"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/9849\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=9849"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=9849"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=9849"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}