Intraday Market Thoughts

Archived IMT (2009.04.07)

by Ashraf Laidi
Apr 7, 2009 18:00

The latest report from precious metals consultancy announcing a 10% decline in 2008 worldwide demand for gold items from 2007 confirming retail slump in jewelry, This has contrasted with the rise in demand for gold coins and investment accounts for the metal. There has also been reports of a major European major having sold short significant positions of gold, only to be bailed out by the ECB late last month through its announcement of gold sales. Golds 200-day MA held successfully yesterday, while silver is pushing higher after 3 straight daily declines. Yesterday, silver closed below the 200-day MA ($12.60, but remains above the 100-day MA of $11.90. TL resistance stands at $12.75.


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