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30/6/2009 - FX Recommends XAUUSD Analysis

Discussion in 'Forex Daily News & Outlook' started by fx-recommends, Jun 30, 2009.

  1. fx-recommends

    fx-recommends Content Contributor

    Aug 6, 2008
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    The gold could find support from the greenback falling today versus the commodities and oil to get above 940$ hardly again. The gold has suffered recently from the easing of oil and commodities prices and the correction of the stocks market in the recent 2 weeks which pushed underpinned the greenback and downplayed the inflation upside risks which came tamed negatively impacted by the recessionary in May. As we have seen US CPI Index decreased by 1.3% y/y broadly and the core figure excluding the food and energy decreasing to 1.8% y/y could add pressure on the gold which is the mirror of the inflation as the market was waiting for a slide by just .9% after April slide by .7% broadly and was waiting for the core to be as the same as April at 1.9% and also May PCE came broadly yearly at just .1% from .4% in April and the core came at 1.8% and monthly the figure came broadly as the same as April at just .1% while the core came lower than the market forecast of .2% and lower than the .3% of April at just .1%. The gold came under strong pressure after sliding from 960 to be under further technical pressure to drove it down below 942.8$ to reach a new low at 912.8 after its previous low at 925.88 before rebounding to 948 but it could not even close above 940 which has been taken out hardly today. The gold should face a difficulty again to get above 948 to retest 960 as a resistance.
    Best wishes

    FX Consultant
    Walid Salah El Din
    E-Mail: mail@fx-recommends.com

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