EUR is still under heavy downside pressure, there are also speculations that ECB has to do a rate cut soon these rumors even have thrown a shadow over the fiscal cliff problem in the USA which seems to be still unsolved. In this situation the dollar firmed its positions against most of the currencies including GOLD too. The precious metal is now prepaired for another dive deeper. This morning's trade started very calmly because we are currently almost in the middle of the rance between 1.3080 and 1.2940 which are the resistance and support level for today. Because of this too it's quite difficult to me to give you the correct enter point, so my advice is to wait for the biggest players to make their moves, and you to follow them. In the next 10 days we shall make an attempt to go to 1.2700. There are only 2 support levels left - first is 1.2940 and the second is 1.2880 where MA200 passes on Weekly time frame. So use every rise up to 1.3150 to open SELL - target 1.2880 and if broken add to SELL for 1.2700. Recovery of the upside trend is possible only above 1.3320.
GOLD is now at the support level of 1575 any drop below 1571 will take the price 10 USD below and first target is 1558 then 1551 and below. Resistance zone is 1585-1590. If broken the target will be 1614.
It is not clear for now the direction of the metal and also how many attempts will be needed to break the 1575 or 1590.
For today:
LONG EUR above 1.2960 SL 1.2940 TP 1.3030-1.3080-1.3120-1.3150
LONG EUR above 1.3010 SL 1.2990 TP 1.3065-1.3085-1.3120 (more agressive)
SHORT EUR below 1.3145 SL 1.3165 TP 1.3080-1.3030-1.2980-1.2940
SHORT GOLD below 1585 SL 1592 TP 1575-1562-1552 and below
LONG GOLD above 1595 SL 1588 TP 1610-1620 and above
Good luck!
Comment by Konwerska on March 4, 2013 at 8:34am thanks for the analysis
Comment by Anastasi Ukrainskaya on March 4, 2013 at 11:59am Thank you, you are doing a great job!
Comment by Vladimir Mihaylov on March 4, 2013 at 1:24pm Thank you :)
Comment by goldrevolution on March 4, 2013 at 2:29pm
Comment by Yavuz Bolgi on March 4, 2013 at 5:10pm Hi TP 1.3030 still valid today ?
Comment by pandora on March 4, 2013 at 5:29pm Of course is it possible that prize will hit 30 today it have been trying 10 times so far today ..
but im short from 3010 :-) ,,but never underestimate the prize the daily range London and us open have been very small
Comment by Anna Chalenko on March 4, 2013 at 5:29pm Thank you Vladimir,I just closed a few pips profit in gold sell position.
Took your advice and moved stop below brake even level.
Thank you again for your daily analysis.
Comment by Vladimir Mihaylov on March 4, 2013 at 5:33pm The investors are extremely cautious and avoid to enter the market as the EU finance ministers' summit continues tomorrow too. Also ECB rate decision is coming , and until that we shall see a lot of hesitation around 1.3000, and range trade. This is for now - there is not much to say today.
Comment by Vladimir Mihaylov on March 4, 2013 at 5:42pm Yes, there will be no rate cut this time, but the market is cautious , because there always may be a surprise. And when you enter the market with 12 lots for example it's really not funny.
Comment by john watt on March 4, 2013 at 5:45pm Thank you for your daily analysis Vladimir
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