Archived IMT (2009.01.23)

GOLD at FRESH RECORD HIGHS vs GBP, 3-month highs vs EUR, 3-week highs vs USD and only 3-day highs vs JPY . While having breached well above its 200-day moving average against both the euro and the dollar, gold remains 11% lower than its 200-day MA in yen terms. Since there remains ample upside in yen terms, Japanese investors may deem this as an opportunity to drive up the metal to next key targets (78K yen and 81K yen).