RangE TradinG UntiL NYK – GoLD BiaS DownSidE - Mar 29

The US Dollar gained as Euro once again failed to get close to 1.34 levels despite stable market condition in Europe and some positive news to increase firewall funds. USD did not react to low durable goods number, as February’s 2.2 pct growth was against market expectation and pushing Euro below the important support level of 1.3280.    

Sterling became 1st casualty as it was looking for reason to dip after failing to break 1.60 physiological levels and soon after the announcement by the UK office of National Statistics of revision of UK’s 4th quarter GDP to contract to 0.3 pct against its earlier estimate of 0.2 pct.

Later Gold also got clobbered with the developing news as oil took the lead after reports that Sarkozy is trying to convince UK & USA to release oil from its reserves to ease price pressure. Softer oil eases inflationary pressure one of cause that helps gold.

Gold is also under pressure due to prolonged strike since last 12-days in India as bullion and jewelry traders are demanding to withdraw hike in gold import duty. Indian gold and silver buying per month averaged USD 5.45 billion. Slowdown of Chinese economy is also discouraging gold prices, as China and India are the top two gold buying nations.

I think market will trade in narrow range during rest of Asian and European session unless couple of data’s from UK and Germany brings some spark in the market.  However, US 4th quarter GDP data and weekly jobless claims can bring traders on their toes.

  

Euro @= 1.3326 = Expecting a slow day with top around 1.3350, if seen prefer Euro with STOPS 1.3385 and will buy Euro around 1.3275 with STOPS 1.3240 for 40-50 pips

GBP @ = 1.5905 = Prefer buying Cable around 1.5870's with Stops 1.5840 for 40-50 pips. Will keep you posted if I see a selling level.

GOLD @ =  $ 1661.70= I still see downside risk as long as Gold stays below $ 1668. Therefore, should top out around $ 1664-65 for $ 1655, with possibility for a test of $ 1648.  

 

March 28 - PrefeR SellinG EurO, GbP & GoLD

http://www.forexstreet.net/profiles/blogs/prefer-selling-euro-gbp-g...

Views: 2230

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

Comment by spring on March 29, 2012 at 2:53pm

 Market is looking for direction ......

Comment by Reizan on March 30, 2012 at 2:48am
hello sir..how are u ti day...
i want to ask gbp.usd for this friday (ending market)
i see last up bgp.usd is 1.5987.. whether it can up to 1.6000 ??
tx before..
Comment by asad rizvi on March 30, 2012 at 3:27am

GBP @ 1.5975 = Reizan, Unlikely to break 1.60 in Asia any cable up move should be a sell with STOPS 1.6025, for test of 1.5940-50 zone, watch this level, as GBP could dip to 1.5925, buy GBP if seen as it could later attack and break 1.60 for 1.6060. Downside break of 1.5880 will delay up move.

Comment by Reizan on March 30, 2012 at 3:35am
will let me stay tuned, thank you sir
Comment by asad rizvi on March 30, 2012 at 3:36am

Rajesh, I have updated March 30, pl check blog...http://www.forexstreet.net/profiles/blogs/euro-gbp-trend-down-then-...

Comment by asad rizvi on March 30, 2012 at 3:52am

Rajesh, this is how market behaves. No one can fight the trend. You are right, but since Dollar could not make gains beyond 1.3250, market reversed. More important is Spain’s budget, in the coming days Spain could become Greece in terms of behavior. So overall the analysis is for day, what you are missing is that I am saying that initially we are going to see a drop that endorses your view. Then I say Euro later will pick up to which to disagree with me…Cheers

Comment by sabbir on March 30, 2012 at 4:06am

Mr Asad Rizvi:

I have been watching your postings, you calls are very very accurate unlike other analyst whose calls are very vague.

Comment

You need to be a member of Forex Social Network to add comments!

Join Forex Social Network

Members

© 2014   Created by FXStreet.

Badges  |  Report an Issue  |  Terms of Service

Offline

Live Video