Intraday Market Thoughts

Archived IMT (2009.02.17)

by Ashraf Laidi
Feb 17, 2009 9:18

Gold hits a fresh 7-month high at $962 and a new all time high vs GBP and EUR. Against the yen, gold is at 2-month high of 88,348, nearly breaching the 61.8% retracement of the move from the July record high to the October low. Japanese investors will undoubtedly target the 90,000 mark, which will fuel the metal in other currencies. The upcoming UK inflation figures are also expected to further boost the metal, and could call up the $1.4080 target for cable.


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