Intraday Market Thoughts

Archived IMT (2009.10.06)

by Ashraf Laidi
Oct 6, 2009 17:05

Golds surge to a new record high of $1,043 is a result of renewed concerns with the USD hegemony (Independent article), RBA rate hike and stocks rally and. GOLD MONTHLY chart shows second monthly gain, not seen since Jan-Feb. Any retreat from gold will have to emerge on a risk aversion during earnings season. AUDUSD breaks above 0.89, eyeing 0.8935-40 resistance76% retracement of the move from the Jul 2008 high to the Oct 2008 low. AUDJPY has yet to regain 80, while USDCAD probes the 1.0570 support, but 1.0525 may emerge as the next support--equivalent of 95 Canadian cents,


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