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EuRo & GoLd sHouLd MaKe GaiNs – DeC 11

December 11, 2012

GMT 10:12 – (Subscriber) sir usd/jpy at 82.50 should go for sell here or wait for 82.60?
GMT 10:15 = do not rush.Hold on…………
GMT 12:19 – Euro @ 1.2993 = book your profit………
GMT 12:51 – (Subscriber) sir shall short euro here!
GMT 13:01 – EURO @ 1.2983 = I am expecting 1.2960-65 to hold for 1.3010-15, break below 1.2930-40 delays
GMT 13:29 -(Subscriber) – in gold what to do sir on buy side hold as 12 breaks and now 1711
GMT 13:32 – If you have booked profit buy around $ 1709-11 STOPS $ 1706. for test of $ 1715-16
GMT 14:29 – (Subscriber) what about gold fast go down now stop buy with sl 1706 any change in view suddenly going down
GMT 14:30- book loss if STOPs hit. Every deal cannot end in profit.
may test test $ 1704-05 before up……….
GMT 14:55 – GBP @ 1.6108 = book your profit around 1.6108-13
GMT 14:57 – GOLD @ $ 1709.50 = Gold needs to push beyond $ 1711 or else could test $ 1704. Suggest square your position, as it could dip again before recovering………
GMT 15:02 -EURO @ 1.2998 = Do not take chance if long Euro take profit around 1.2998-05
GMT 15:04 – It was a fine end to the day. Hope you guys have squared your long Gold position around $ 1710.
Cheers until tomorrow………………..

GMT 3:18 – EURO @ 1.2934 = that was already under pressure due to possibility of rate cut was given further blow when the Italian Prime Minister Mario Monti announced of stepping down after Silvio Berlusconi withdrawal of his support to the technocrat government could lead to early election in Italy and it is still not decided that if Monti will be running for coming Italian election. His nod to contest will surely give boost to the Euro-zone financial market, as Italian and Spanish bond too suffered heavily due to Monti’s untimely surprise decision for early exit.

Other events too helped US Dollar to make gains, as Chinese exports fell against market expectation and its trade surplus fell short of target. Europe continues to paint bad picture of region’s economy as French industrial production was down. German trade and current account surplus gave further blow by announcing shortfall.

Meanwhile, today I am expecting minor recovery of Euro-zone bond yields that should bring stability. More importantly by the time of US opening, market will start discussing FED meeting that could shift the sentiment mildly bearish for the US Dollar. Rollover of Operation Twist (OT) purchase of long-term bond will be the hot topic and further expansion of FED balance sheet is a huge possibility, specially when the fiscal cliff issue remains an unsettled issue and economy demands more jobs. The other beneficiary of this happening should be gold. Fate of FED meeting will be known tomorrow (Wednesday).
EURO @ 1.2934 = It is preferred to wait and watch the European bond trend ,as I am expecting small rebound if there is no more follow-up of bad news from Italy. Euro should find a base support level around 1.2870-85 only if 1.2905 breaks that does not look a possibility right now and only fall below 1.2840 negates. However, requires to push beyond 1.2998 for 1.3050 that could be a possibly tomorrow. Bias for Euro is on upside.
GMT 3:34 – GOLD @ $ 1709.60 = In this session, I am expecing $ 1705-06 to hold for a test of $ 1712, break will encourage for $ 1718-20 zones. However, $ 1700 should not surrnder. Buying on dip is the prefered strategy.
GMT 3:28 – JPY @ 82.42 = Top around 82.55-60 and needs to surpass beyond those levels for test of 82.85-90 zones. I see risk for a possible test of 82.10-15 levels
GMT 3:25 – AUD 1.0472 = Looks heavy today, may struggle around 1.0495-00 and I will not be surprisded to see a dip towards 1.0435. On the upside 1.0525 is the key.
GMT 3:22 – GBP @ 1.6075 = Cable is buy on dip around 1.6030-40 zones with STOPS 1.6015 for break of 1.6095 or 1.6110

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