Forex: AUD/USD rises above 0.9100 as Gold sets new record highs

Wed, Nov 4 2009, 16:05 GMT
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FXstreet.com (Córdoba) – The Australian Dollar is rising sharply against the Dollar helped by gold prices. AUD/USD is back above 0.9100 and rose to 0.9118, posting a fresh intra-day high. Currently it trades at 0.9100/05, 0.86% above today’s opening price. On the upside, immediate resistance lies at 0.9120 (Nov 2 high) and above at 0.9180 (Oct 29 high).

NZD/USD is rising for the third day in a row. The pair peaked at 0.7275, daily high and pulled back to 0.7235. The next resistance levels lie 0.7330 (Oct 30 high) and above at 0.7365 (Oct 29 high).

Gold recently rose to $1,095.55 reaching a new historic high after finding support at $1,087.60.

The GoldCore Bullion Services Team affirms: “The new record high price and the price at these levels is not extreme given that the India central bank buying shows that there is a huge appetite for gold around these price levels as the average price paid for the 200 tonnes (bought by the Reserve Bank of India) was around $1,045/oz. (…) Our start of year forecast of gold prices over $1,200/oz in 2009 looks quite possible, especially with two of gold’s seasonally stronger months upon us (November and December).”

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