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

Tags: http://asadcmka.blogspot.com/

3 members like this

Comment by asad rizvi on April 18, 2012 at 4:58pm: Jason, thank you. The idea is to particiapte and contribute......

Comment by Mohamad on April 18, 2012 at 5:35pm: You have a big heart Mr. Rizvi .. My only concern is you being not comfortable.

I longed gold again at 1638 .. thanks

Comment by asad rizvi on April 18, 2012 at 6:17pm: Mohamad, did you ever thought that I too have a big heart that I am spending so much time on this blog.

I cannot give full time service on FX Street Blog forever. Today I will tell you the reason for being here. I am here because my business in past few months has suffered very badly and hence, I could afford some time to spend with my news friends on this blog.

This is not my bread and butter. My business has started picking up and hopefully it should soon get back to normal.

I have quite a few other options in my sleves.

Therefore, I am here for few more days or may be for couple of months. When I leave this forum, couple of friends will sure remember me………Until then I am having fun time with you all.

Good Luck

Comment by yasir kidwai on April 18, 2012 at 6:28pm: We all respect u sir and because of u now we got some confidence in this market, pls dont leave us, U are great man love u very much.

Comment by Jason on April 18, 2012 at 6:31pm: Hi SIr

So sorry to hear that you may be leaving us soon.

Like what LIsa said, we will definiely miss you.

Well, all good things must come to an end someday.

Nevertheless Sir, I thank you for all your efforts and contributions and wish you best of luck in whatevenr business that you will be undertaking.

Many thanks Sir.

Comment by Mohamad on April 18, 2012 at 6:34pm: Mr. Rizvi .. I'm glad you are enjoying your time with us. You really made a lot of positive impact. As much as we want you to extend your stay with us; we hope that things will work for the better business wise. On a personal level, I think you built a big network of friends very rapidly and I would advise you to expand your business model to include forex services :)

We will never forget the time shared with us all, you are a wonderful person.

Comment by raj patel on April 18, 2012 at 6:37pm: Take notice Asad is a very hounerable man he has given you guys lotsof good trades limit yourselves for his time he also has to earn a living. propose a deal with him so that he can get a return for his valueable time. I am sure many of you have earn a lot from his postings. Dont let this go empty handed. My take on this loss.

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