Archived IMT (2009.07.23)

S&P/Gold ratio exceeds the 1.0 level, and pushing to levels not seen since early January. The chart illustrates the 1.0 level to have acted as a key resistance ttp://twitpic.com/bc3ra over the past 6 months. Any additional gains above the 1.1 level are unlikely as the gold side of the equation remains propped by the same macro dynamics propping equities. Although JPY is the biggest loser of the currency bunch, USDJPY, GBPJPY and EURJPY maintain their resistance levels at 95.00, 157.00 and 135.35 respectively. Meanwhile, AUDJPY and NZDJPY have each broken their trend lines at 77.30 and 62.50, but will they close above these levels?