Intraday Market Thoughts

Archived IMT (2010.01.28)

by Ashraf Laidi
Jan 28, 2010 18:44

Gold's 6-day consolidation within the 1110-1080 region carries the features of a bearish flag, which could trigger a break below the 1070 and onto 1040. Ever since failing to regain 1170, gold has languished at these levels while the US currency garnered fresh gains at the expense of deteriorating fundamentals in the Eurozone. Fridays US Q4 GDP is expected as high as 5.0%, which risks broadening the USD rally at the expense of Gold and silver.


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