DuLL TradinG DaY AheaD – SeLL GolD oN RisE - ApR 18

In terms of volatility, yesterday was comparatively a quite day with Euro moving in a narrow 70 pip band, 10-year Spanish bond recovering more than 3pct after successful Spanish Euro 3 billion auctions. German index ZEW economic sentiment 23.4 pct, reflected better economic condition in Germany. There were quite a few positive statements from ECB and Spanish officials that also helped in stabilizing the market. Overall it was a clam day in Europe and the trend was followed in USA.

Today again there is no major data/event in Europe and in USA, but in European session market will be on focusing on UK. Unemployment data may not have bigger impact in the market, but MPC meeting minutes could be the main driver behind Pound Sterling’s move.

Meanwhile, gold volatility continues to dominate the market. Last night’s move is said to be due to offloading of position rather than anything else. The quick bounce back suggest that there are keen buyers on dips, but buyers are still hesitant to pay high price for gold, which means selling pressure to continue on the rise, as strong US Dollar will not help the metal.

However, we could be heading for another dull day and should expect trading in a narrow range, unless we get some exciting news or new development takes place in Europe.

 

 

Gold @ $ 1652 = I would wait to sell Gold around $ 1653-55 zones, a break of $ 1646 is required for more losses, which can push gold to $ 1640, but is $ 1637 break’s it would challenge $ 1632. However, $ 1660 is the major resistance level to watch on the upside.

 

Euro @= 1.3118= Strategy remains unchanged. Any move beyond 1.3150 is a good sell, as long as Euro holds 1.3190. A break below 1.3090 will encourage for 1.3065-70 zones and only convincing break would challenge 1.30 levels. However, until New York expected trading range is be between 1.3102-1.3135

 

GBP @ = 1.5924= Cable should hold 1.59 levels until MPC minutes announcement and could test 1.5950-60 before the statement is made public. Any up move will find strong resistance around 1.5998 and only break here would encourage for more gains. Support is at 1.5875, break risk for 1.5830.

 

SeLL EurO-GbP- AuD & GoLD - ApR 17

http://www.forexstreet.net/profiles/blogs/sell-euro-gbp-aud-gold

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Comment by colinwbarnes on April 18, 2012 at 7:59pm

Mr Rizvi...your sharing is unconditional.. in many ways..and your leave will be sad loss ..in the short time i have be here your views have taught me without measure..maybe you dont have to leave altogether

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