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FX Recommends - XAUUSD Analysis

Discussion in 'Forex Daily News & Outlook' started by fx-recommends, Jun 25, 2009.

  1. fx-recommends

    fx-recommends Content Contributor

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    The gold eased last week with the easing of commodities and energy prices amid the correction of the equities market. After sliding from 960 and closing below it for 2 consecutive weeks. The gold has come under further technical pressure to decline below 942.8$ reaching 925.88$ last week failing to be sustained again above 940$ resistance this week too. The falling of May US CPI Index by 1.3% y/y broadly and the core figure excluding the food and energy decreasing to 1.8% y/y could cap it last week could add further 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%. The recent US inflation data shows that the inflation pressure is still tamed negatively impacted by the recessionary pressure.
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    Walid Salah El Din
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