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Market to Remain Choppy on Fiscal Tension – Dec 21

December 21, 2012

LATE UPDATE…………
GMT 8:13 – GOLD @ $ 1647.50 = Prefer selling around $ 1651-53 if seen STOPS if $ 1657-58 breaks…………
GMT 9:02 (Subscriber) godld at 1650.5 should go for short sell or wait?
GMT 9:15 – GOLD @ $ 1650.50 = Could test $ 1653.75
GMT 9:36 (Subscriber) sir shall go long on aud @ 1.0430
GMT 10:04 (Subscriber) sir where to take profit of short gbp!!
GMT 10:26 – not sure about your entry point, but do not wait for big moves unleee yoi have a clewar direction. Ideally picking top and bottom would be the best strategy with quick profit suggested. Similarly do apply STOPS if hit……GL
GMT 10:45 (Subscriber) sir was short from 1.6277 .. took profit at 1.6240.. sir any buying level for aud??
GMT 10:49 – AUD 1.0420 = Wait for levels around 1.0405 or below….
GMT 13:32 (Subscriber) view about pound and euro remain same after data ?
GMT 13:36 – GBP @ 1.6222 = Yes, uncganged. Break of 1.6204 wil encourage for atest of 1.6175-80 zones………..
GMT 13:41 (Subscriber) sir what about usd/jpy!!
GMT 13:42 – No change in view…..all still good
GMT 14:00 (Subscriber) what in gold sell side in gold holdright now willl break 1640
GMT Do you know George Soares and Warren Buffet bought Gold around $ 1720. Gold is trading around $ 1650. I cannot tell you excactly, but my view is unchanged… 😉
GMT 14:22 – EURO @ 1.3180 = book your profit.Cheers…..
GMT 14:24 (Subscriber) at what level should go long ?
GMT 14:24 (Subscriber) euro sir..
GMT 14:34 – Bounced back from……….
EURO @ 1.3178
GNT @ 1.6204
JPY @ 83.92
Currencies could make small gains of 35-40 pips…
GMT 14:59 -OK pals, despite another difficult/choppy week, we all did well on over 85 pct of our trades, unless someone tried to stretch an extra mile.
As I always say that discipline is key to trading……..
Enjoy you weekend……………..

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GMT 3:31 – EURO @ 1.3204 = Market remained wobbly on US fiscal cliff tension and there was more jitter after the Republicans Plan “B” snag, as Vote on fiscal cliff back-up plan had to the cancelled on fewer participation in the House that would have allowed extension of tax cuts on incomes below $1 million. This response could be due to Obama’s earlier threat of executing his VETO power.
Meanwhile, gold continues to take bashing. Better than expected US third-quarter GDP data of 3.1 pct against expectation of 2.8 pct supported US Dollar that continues to enjoy save heave status. Year end book squaring are also keeping gold investors at bay. Liquidation is clearly visible in gold, stocks, US Treasuries, Yen and Swiss Franc.
Though there are quite a few economic data’s, but market will remain nervous and confused because the discussion on fiscal cliff that has been adjourned until Christmas. Market to remain choppy.
EURO @ 1.3204 = Euro could find top around 1.3230 in Asia and early Europe and hold below 1.3250, but fall may not extend below 1.3170 unless there European data is too weak. However, if fall occurs I will prefer long Euro around 1.3145-50 zones with STOPS 1.3110, as we could see 100 pip recovery.
GMT 4:01 – GOLD @ $ 1642.50 = The fall is quite in line of my forecast. Gold could dip further as long as it stays below $ 1648 levels. Break of $ 1630-32 support levels could see a push towards $ 1615-20 zones. However, for resumption of up move, gold needs to clear $ 1655-58 zones.
GMT 3:53 – AUD 1.0448 = As long as 1.0410-20 holds Aussie could bounce back, but may not fined easy to penetrate beyond 1.0480-90 zones. Only break below 1.0370 threatens for more losses
GMT 3:49 – JPY @ 83.95 = Japanese Yen needs to push beyond 83.80-90 zones for test and break of 83.40-50 zones that will encourage for 82.70. However, today Yen has stronger tone, bottom is around 84.30 and 84.60 remains key level to watch.
GMT 3:37 – GBP @ 1.6248 = See strong resistance around 1.6270-80 zones, but unless support 1.6205 surrenders Cable is likey to trade in given range. On the upmove pick top side of the range to sell as long as 1.6320 holds and buy on dip with quick profit taking strategy, as moves is expected be small

DISCLAMER : The commentary/information presented is not intended for trading purpose. The idea is to exchange views with the members/readers. Therefore, I accept no responsibility or liability for any losses incurred due to position taking.

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