Gold Eyeing $1.050

by Ashraf Laidi

Mar 6, 2009 11:48

Golds recovers to $939 confirming my Monday call about the validity of the 4-month uptrend, especially that each of the last four declines was limited to 10% (Nov -10.3%, Nov-Dec -10.0%, Dec-Jan -10.6%, Feb-Mar -10.12%). None of the most 2 recent declines has breached below the 50-day moving average. Fundamentally, the currency implications of central banks quantitative easing and bank stocks accelerating damage. Last years 1,038 high is increasingly untenable and the $1,200 target by end of Q2 becomes more viable. Interim target stands at $1,050.

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