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.
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