Intraday Market Thoughts

Archived IMT (2010.07.09)

by Ashraf Laidi
Jul 9, 2010 16:45

WEEKLY GOLD may appear to show a bullish candle, but due to the lack of a confirmed downtrend, the effectiveness of the candle is in doubt. A clearer formation is the weekly stochastics, which suggest 1155-60 is the next prelim target for the month. Such downside move in gold would most likely be associated with persistent EUR resilience. Expecting a shorter-term bounce to 1220-30 before a subsequent pullback.


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