Intraday Market Thoughts

Archived IMT (2009.12.09)

by Ashraf Laidi
Dec 9, 2009 3:44

Gold breaks below the Dubai Low of $1,137/oz low reached on Nov 27 in reaction to the Dubai Debt news had taken place 2 days after the $1,194 record high. The fact that gold broke below $1,137 from a higher record ($1,226), could indicate a looming close below $1,090. Having broken well below $1.4770, EURUSD is now vulnerable to calling up $1.42, which could be realized on fresh revelations of selling property and equity stakes by Dubai-based entities in UK and US. The Greek sovereign debt downgrade helped accelerate selling momentum in the euro as it raises fears of similar action in Spanish and Portuguese sovereign debt after these were placed on credit watch earlier this year. The EIA crude oil inventory data could be key in oil's hold of $70.00 and USDCAD's testing of 1.07.


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