Intraday Market Thoughts

Archived IMT (2010.05.04)

by Ashraf Laidi
May 4, 2010 13:57

GOLD HITS NEW RECORD vs. JPY at 112,670 yen, breaking the old December high as the yellow metal SHRUGS FALLING COMMODITIES due to ongoing sovereign uncertainty. The last time GOLD touched a new record in YEN TERMS was in 1st week of December when it was followed by pullback later that week on stronger than expected US Nov jobs. But this time GOLD vs USD may be supported due to ongoing uncertainty with Eurozone sovereign paper but do keep a close watch. GOLD vs. AUD hits AUD 1,300, which is AUD15 away from the Nov high. A break above it, would call up the highs from March 2009. GOLD/SILVER ratio eyes 64. EURUSD eyes 1.3015 but more downside seen in AUDJPY, NZDJPY as per the tweets

**** Latest HOTCHART on AUDUSD is now up ***


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