Intraday Market Thoughts

Archived IMT (2010.08.18)

by Ashraf Laidi
Aug 18, 2010 17:31

GOLD vs OTHER COMMODITIES: GOLD HITS FRESH 6-WEEK HIGHS $1232/oz, while GOLD/EUR breaks above the key right shoulder resistance of EUR 960/oz, paving the door for EUR 980/oz. On Monday, I identified the weekly gap up in GOLD/EUR, which has the ingredients of further GOLD/USD gains. Out of the last 8 years, the Q4 proved the best quarter, with 7 out of the last 8 years showing positive percentage gains, followed by Q3 and Q1 rising in 6 of the last 8 quarters. $1270 is the next key target before $1,320 is seen before end of Q3.


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