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22/6/2009 - The Current Market Sentiment

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
and 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 from breaking above it again 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 data
shows that the inflation pressure is still tamed negatively impacted
by the recessionary pressure unflattering of the recent increases of
the commodities and energy prices which pushed the oil barrel above
70$.
Best wishes

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