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Gold Plunges in Thin Market – Dec 19

December 19, 2012

LATE UPDATE……….
GMT 7:47 (Subscriber) gold at 1675 what to do sell at these levels or wait for more up side
GMT 7:56 – don’t be to abitious to trade unless there is a clear direction and if a position is taken do apply STOPS.
GMT 7:59 (Subscriber) sir shall sell gold at current levels!
GMT 9:40 – GBP @ 1.6293 = Book your profit around 1.6293-98
GMT 10:05 – GOLD @ $ 1776.50 = If went long around $ 1772, book your profit around $ 1676.50-78
GMT 10:16 – EURO @ 1.3282 = Book your profit around 1.3282-88
GMT 11:34 (Subscriber) sir shall euro @1.3280!!
GMT 12:40 – EURO @ 1.3297 – Sell around 1.3297-05 STOPS 1.3340……..
GMT 14:01 (Subscriber) gold now
GMT 14:05 – nothing new to add, as view remains unchanged………..
GMT 14:34 – AUD 1.0488 = Take profit around 1.0482-88… Cheers
GMT 14:38 – Euro @ 1.3294 = Sqaure Euro position, if fails to break below 1.3275-80 could test 1.335-30 zones.Cheers
GMT 14:42 (Subscriber) sell gold at 1669
GMT 14:44 – GOLD @ $ 1668.70 = Gold has support around $ 1660-65 zones. Failure to dip below support level would encourage for a move to $ 1675-77 levels
GMT 15:03 – Ok pals, cautious but certainly excellent day…
Cheers until tomorrow…………..

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GMT 3:19 – EURO @ 1.3248 = Softer approach taken by both the US leaders talking on fiscal cliff issue has helped the sentiment that saw shift in investment strategy from US Dollar, as upgrading of Greece by S & P to Minus “B” from selective default helped market to break the jinx as Euro was struggling to move beyond 1.32 levels.
But US current account deficit that fell for two-consecutive quarters in row to $ 107.5 billion is a big blow for the US economy because if we look into the details, imports fell for second straight quarter indicating that the economy is consuming less that also point towards recession. It is also alarming because net inflow dropped by almost USD 60 billion to USD 45.8 billion in 3rd quarter, which points to funding shortage that could be met through borrowing.
Meanwhile, gold plunge last night that was sheer profit taking. I have been warning since last 4-weeks that I will not be surprised to see sharp fall and in thin market condition moves can always be excessive. Tuesday’s CME report says that the total market volume for gold dipped to around 19.7 thousand contracts as compared to last week’s volume of 41.4 thousand contracts of gold.
Therefore, I would like to repeat that as we get closer to year end watch out because in thin market condition moves can be excessive either way based on large size orders. Big players knowing market condition often take advantage of weak market condition.
EURO @ 1.3248 = Euro is still a buy on dip around 1.3200-10 and should hold 1.3160-70 levels to attack 1.3280-90, but keep an eye on 1.3310-20 failure could see 80-100 pip correction
GMT 3:34 – GOLD @ $ 1675 = for the moment base is around 4 160-65 levels, but needs to penetrate beyong $ 1685-90 zones or else I will not be surprised to see more losses on break of $ 1658 for $ 1647
GMT 3:31 – AUD 1.0515 = may struggle around 1.0540-50 and could dip to test 1.0460-70. Upside break of 1.0580 couls delay downmove
GMT 3:29 – JPY @ 84.28 = The expected move has occured and now unless break 84.60 unlikley to make more gains. However may see locked on a 84.05-84.50 range. Only break of 83.70 could be threatening.
GMT 3:26 – GBP @ 1.6260 = Cable will have stronger and is a buy around 1.6220 with 40 pips S/L, but will find string resistance around 1.6292-98 zones. Only break of 1.6150 threatens for more losses

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