Intraday Market Thoughts

Archived IMT (2009.02.26)

by Ashraf Laidi
Feb 26, 2009 18:10

Gold extends declines to a 2-week low of $932 amid profit-taking of last week's highs. Bulls argue for increased investment demand (ETFs) and yield-eroding monetary policies by the world's central banks, while the bears point to excessive investment demand not supported by demand of actual jewellery. Today's $932.50 low coincides with the 23% retracement of the rise from the 699 low to the 1,003 high. Daily oscillators starting to indicate oversold dynamics. TL support stands at $915-20, which also coincides with the the previous TL resistance.


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