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Date Posted: 00:46:51 05/17/12 Thu
Author: Charisse Bartoli
Subject: Gold rallies as markets stabilise

This morning financial markets have a mild positive bias following better than expected Japanese GDP figures. Gold has been the biggest gainer so far, rallying 0.60% in early trading. Today is potentially the first significant rally for the precious metal since the end of April.

The euro is stable, without making significant gains. It continues to show relative strength against the British pound with the EUR/ GBP up 0.15%. The pound is flat this morning, after two major sell offs in the last two days.

The higher yielding Australian and New Zealand dollar are leading the gainers with the AUD/USD and NZD/USD up 0.35% and 0.28% respectively. The NZD/USD is the worst performing pair over the last 30 days.

We have a light morning on the economic news front with a French & German bank holiday. MPC member Weale speaks at 12.00. At 13.30 we have a number of North American items with Canadian foreign security purchases at 13.30 and wholesale sale at 13.30. US unemployment claims are released at 13.30 with a slight rise expected.
US Philly Fed Manufacturing index at 15.00 has perhaps the greatest market moving potential.

The dollar index is still looking overbought in the short term, but choosing the right pair to play could be problematic. Gold may be the best option for this. While Europe is a big unknown, support does seem to be holding in the $1515 to $1550 region.

A good way to play this might be a HIGHER trade on BetOnMarkets.com predicting that Gold closes above $1575 in 7 days time for a potential return of 247%.



Get this trade now, go to: http://goo.gl/b6rnI

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