Intraday Market Thoughts

Archived IMT (2010.08.26)

by Ashraf Laidi
Aug 26, 2010 22:12

THOSE GOLD SEASONALS AGAIN; my research indicates that out of the last 8 years, Q4 proved to be the best quarter for gold, gaining in 7 out of the last 8 years. Q3 and Q1 followed behind, rising in 6 out of the last 8 years. From a multi-FX perspective, now that gold has broken above the key resistance of EUR 960/oz (trendline resistance from June record high & 50% retracement), the signal for prolonged and broad gold gains looms large. And with gold vs. USD breaking above its 55, 100 and 200-day MAs for the first time since April, $1,275-80 is seen as the next key target before end of Q4.


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