Wednesday, October 14, 2009
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Today Forex Update :-
GBP/USD rises further against the Dollar, approaches to 1.5900
Cable strengthen across the board in the last hours. GBP/USD continues rising after falling to a 4-month low at 1.5710. The pair is testing the 1.5900 zone and if it rises further it could face resistance at 1.5930. The Pound is accumulating an increase almost a hundred pips since the beginning of the American session. Currently it trades at 1.5894/96, 0.57% above today's opening price action.
The ecPulse.com analysis team affirms: "The pound-dollar pair showed an incline on the daily and 4-charts. The U.K. released its CPI for September today, coming in at its lowest level in 5 years and raising deflation risks. The pound tumbled after news, then strengthened again."
Gold prices reach $1,070.00, all-time high :-
Gold prices have appreciated strongly on the back of U.S. Dollar weakness and gold prices have rallued from levels around 986.70 on Oct 2 to reach a fresh all-tome high at 1,070.80 on Wednesday's European session.
According to James Moore, analyst at The Bullion Desk, Gold, given the circumstances, will remain bullish against the Dollar: "Given the weight of momentum entering the market and outlook for the dollar it is difficult to be anything but bullish towards gold and when combined with historically low interest rates and inflation concerns we remain bullish over the mid-to-longer term. "
Nevertheless, on the short-term, Moore, takes in account the possibility of a corrective decline: "However given the scale and pace of recent gains and with gold flirting with overbought territory on the charts the metal is in much need of consolidation/ correction to avoid a more substantial price drop."