Intraday Market Thoughts

Archived IMT (2009.01.27)

by Ashraf Laidi
Jan 27, 2009 13:50

Technical analysis expert John Murphy currently on Bloomberg TV describing GOLD as his top investment idea for 2009 is an example of what I predicted over the past 2 weeks to be increased media coverage for the metal as it surpassed $830 and $870. We have yet to see a break of $920 for the achievement of $970s. A US consumer confidence figure of below 40 and S&P/Case Schiller Home Price Index y/y decline of at least 17% is likely to intensify gold's rally, especially as equities remain in positive territory.


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