{"id":9887,"date":"2010-06-01T10:45:17","date_gmt":"2010-06-01T14:45:17","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=9887"},"modified":"2010-06-01T10:45:17","modified_gmt":"2010-06-01T14:45:17","slug":"gold-creeps-higher","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/06\/01\/gold-creeps-higher\/","title":{"rendered":"Gold Creeps higher"},"content":{"rendered":"

By Fast Brokers<\/strong> – Gold nearly tested $1225\/oz during the Asia trading session as investors divested from the risk trade amid rising uncertainty concerning a slowdown in China.\u00a0 China\u2019s manufacturing PMI printed below analyst expectations and property sales declined by 70% in coastal cities month over month.\u00a0 Li Daokui, a member of China\u2019s central bank policy committee, suggested that China\u2019s property bubble could be worse than America\u2019s due to the possibility of social unrest.\u00a0 For further analysis on this topic, you can read my blog post last week \u2018Year of the Tiger\u2019 at www.blogs.fastbrokers.com\/matthew.\u00a0 Since China has been a driving force in the global economic recovery, the concept of a slowdown in China favors safe haven assets, such as gold.\u00a0 Meanwhile, the ECB warned that EU banks could write down another $240 billion in losses due to adverse economic conditions.\u00a0 The combination of negative news from China and the EU has given gold a boost and if the trend continues the precious metal could soon be testing May highs.\u00a0 Meanwhile, investors will be looking to see how U.S. manufacturing fared last month and whether U.S. equities can avoid a large selloff even though futures are in the red right now.<\/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: $1220.00\/ oz
\nResistances: $1222.00\/oz, $1224.54\/oz, $1226.80\/oz, $1229.56\/oz, $1232.22\/oz
\nSupports:\u00a0 $1219.16\/oz, $1217.10\/oz, $1210.36\/oz, $1208.18\/oz, $1205.26\/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 nearly tested $1225\/oz during the Asia trading session as investors divested from the risk trade amid rising uncertainty concerning a slowdown in China.\u00a0 China\u2019s manufacturing PMI printed below analyst expectations and property sales declined by 70% in coastal cities month over month.\u00a0 Li Daokui, a member of China\u2019s central bank … <\/p>\n

Continue reading “Gold Creeps higher”<\/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-9887","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/9887","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=9887"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/9887\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=9887"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=9887"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=9887"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}