Intraday Market Thoughts

Archived IMT (2009.03.04)

by Ashraf Laidi
Mar 4, 2009 16:53

Gold rally remains intact. Each of the last two sell-offs (Nov and Jan) were limited to 10% declines before the uptrend extend ahead. Also since Nov, gold never fell below its 50-day MA (purple line). Finally, the latest retreat remains within the upward channel, suggesting support remains holding at 890.Only a breach below 888-887, will cast serious doubt on the current bull run. if there's one singular reason gold is unlikely to repeat the October selloff is that today central banks are either at or on their way to quantitative easing (Fed, BoE, BoJ & BoC), followed closely by the SNB.


Latest IMTs