Intraday Market Thoughts

Archived IMT (2010.07.01)

by Ashraf Laidi
Jul 1, 2010 18:03

GOLD FALLS ALONGSIDE USD, confirming that yellow metals impulsive moves have been driven by the euro (not USD). Just as we had seen gold rallying alongside the USD in the past 3 months (due to golds record highs in EUR-terms), were seeing an unwinding in this trades, that was partly made possible by alleviating liquidity fears in Eurozone banks and stronger than expected 5-year Spain auction. GOLD/EUR Chart shows breach of 23.6% retracement of Dec rally at 976. eyeing 933, which corresponds to 1170 in GOLD/USD. GOLDUSD us already testing its 55-day MA


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