Intraday Market Thoughts

Archived IMT (2009.02.11)

by Ashraf Laidi
Feb 11, 2009 15:52

Gold breaks to 7- month high at $947--the 76.4% retracement of the decline from the record high to the $682 low as the rally is accompanied by central banks' race to rush into credit easing, leaving traders (and retail investors) little choice to seek the haven of gold from zero interest rates. Gold's convincingly bullish pattern of posting 1-2 daily losses after each 3-4 daily gains also allowed for a gradual, yet more robust ascent. The fact that the dollar is pushingback to session highs despite gold's highs, reflects a secular rally in the metal. NOK remains best perfomer in line with GBPKOK hot chart.


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