Archived IMT (2010.03.10)
MORE POOR UK DATA as UK Jan manufacturing output fell 0.9% (vs exp +0.3%) but rose 0.2% y/y, while Indus production -1.5% m/m vs exp -0.8%. GBPUSD enters its 3rd daily decline, eyeing $1.4850 as the 2 and 3 hour stochastics point lower. EURGBP attempting to close above 0.91 for the first time since Nov 30--the 61.8 retracement of the 0.94-0.86 decline. Therefore, EURUSD weakness must emerge in order for EURGBP to retreat anew as we do not expect any marked rebound in cable above $1.5. JUST AS GOLD PEAKED OUT at 1140, SILVER topped out at 17.55 unable to close above the 61.8% retracement of the 18.85-14.62 decline. Daily silver stochastics also flattening. Updates and IMTs are updated less frequently as Im on a business trip in Milan. GOLD prelim resistance at 1126 -- 50% retracement of the decline on the 4-hour chart, now eyeing 1115.
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