Euro Drips Lower Into the Weekend
As the weekend approached in Asian and European trade the EUR/USD continued to drip lower over concerns about the viability of the currency and growing consensus that ECB will have to take rates below 2% in order to combat the creeping recession in the EZ economy. Yesterday’s comments by George Soros continued to reverberate though the FX markets in overnight trade as EUR/USD dropped through the 1.2900 handle reaching a low of 1.2835.
Gold Weekly Technical Outlook
Comex Gold (GC) Gold’s rally resumed after brief pull back and reaches as high as 930 last week, just inch below key near term resistance level of 936.3. From a short term angle, further rally is still expected as long as 874.2 support holds. Sustained break of 936.30 will be taken as an important indication that medium term rise is resuming and should bring strong rally to 989.6 resistance next. On the downside, failure at the current level, followed by break of 874.2 will be the first