LONDON -- (Marketwire) -- 01/23/13 -- City Index UK: What to make of Apple's 31% decline over the last five months against equity indices' resilience near five-year highs? And will gold remain supported by the mercy of central bankers?
Markets' expectations of further asset purchases by the leading central bank have transformed into a three-consecutive weekly rally in gold -- not seen since September. Gold's overall showing against the 11 currencies has fared weaker than any of the prior five years. It ended 2012 higher against all major currencies.
Read Full Article at cityindex.co.uk: Charting Apple & Gold Technicals
As we said in our Dec. 5 piece on gold, the yellow metal may never run out of fundamental factors for maintaining support. Technically, the 100-week moving average continues to provide remarkable support -- from $1527 in May to $1626 in January. The more challenging part is capturing (and timing) the upside. Considering the three-month trendline resistance near $1700, we find the improving stochastics to carry sufficient momentum in breaking above the trendline and extending gains towards $1750s, before a possible retest of $1780s.
Apple's fundamental woes have been underlined by a flood of new product launches, which failed to keep the aggressive rates of the early releases of iPad & iPhone. The worst of both worlds emerged when concerns about insufficient supply of iPhone 5 and iPad mini overlapped with reports of slowing demand. Wednesday's earnings release is expected to show $13.34 per share from the prior $13.87/share, which would be an unusual y/y decline. Read more by Ashraf Laidi.
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