Archived IMT (2010.03.02)

GOLD HITTING NEW HIGHS vs. EUR at 837.08 which could be another classic topping formation in the metal as the case proved 2 weeks ago vs. EUR and against JPY in Dec 2nd. Gold vs. USD extends gains towards 1134, facing key resistance at 1135--50% retracement of the decline from the 1225 high to the 1044 low. Dollar gets a brief lift after Kansas Fed's Hoenig (lone hawkish dissenter at FOMC) reiterates his opposition to the Committee's "low rates...for considerable period" mantra; adding that zero rates are not sustainable. $GBPUSD drops from $1.4990s to $1.4930s, but renewed USD capping interest supports GBPUSD and EURUSD at $1.4880 and $1.3470.

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