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Economic Data is of less importance as Fiscal Cliff Hangs – Dec 27

December 27, 2012

LATE UPDATE
GMT 8:15 – EURO @ 1.3268 = book your profit around 1.3268-73
GMT 12:00 – GBP @ 1.6182 = Hope you have booked your Cable profit.
Ideally selling levels shoud be around 1.6215, as the currency could exted it gain. Should hold 1.6260….Cheers
GMT 13:10 (Subscriber) should go for short euro 1.3280 ?
GMT 13:13 (Subscriber) what in gold change in view
GMT 13:14 = EURO @ 1.3267 = I will buy Euro around 1.3250 with STOPS 1.3220 for a test and break of 1.33
GMT 13:15 = GOLD @ $ 1656 = I prefer picking the top to sell gold
GMT 15:04 = Ok pals, end of another excellent day……..
US Dollar is likley to make gains, more tomorrow Cheers………
GMT 15:04 (Subscriber) after the data view remain same about gold and euro?
GMT 15:07 = Please read my morning post. I said,
“economic data’s may not have much impact on the market, as fiscal anxiety is currently the dominating factor. I am expecting choppy trading for the next couple of days”.

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GMT 03:26 – As we get closer to USD 600 billion fiscal cliff expiry date the size of which is expanded to USD 16.4 trillion, which is 4-days away, it could take almost 3-months to hit the debt ceiling. But the fear is that very little time is left and if that date passes it could give jitter to the global market sentiment. The only possibility is that Congress will be meeting today and there could be some surprise alternate arrangement during the weekend, since Obama has shortened his Hawaii holiday trip, as Monday Dec 31 is the last day.
Market will continue to focus on hope of reaching fiscal negotiation, as economic data’s may not have much impact on the market, as fiscal anxiety is currently the dominating factor. I am expecting choppy trading for the next couple of days.
GOLD @ $ 1658.50 = I think gold poses risk of either way big move. As we get closer to the expiry date without any news of negotiation the metal will come under pressure and the levels to watch will be break of $ 1636-40 that could push gold to below $ 1620 possibility $ 1585. However, any surprise or positive news on fiscal cliff will support Yellow metal. A break of $ 1675-80 zones will open gates for bigger upside rally.
For day trading, $ 1665-68 is the resistance zone that should not surrender and break of $ 1650-52 will encourage for a test of $ 1643-45 zones
GMT 3: 45 – AUD 1.0368 = Could see a moinor upmove, but should exhaust around 1.045-15 zones. unless see ouch byong 1.0405, risk for fall but has to dip below 1.0320 for more losses.
GMT 3: 43 – JPY 85.81 = I do not see this one-sided journey extending much beyond 86.50. So watch out for surprise sharp gain of Japanese currency.
GMT 3: 40 – GBP 1.6134 = Should hold above 1.6102, but Cable is top heavy around 1.6170-80 zones. If seen prefer selling. break below 1.6075 risk for bigger losses.
GMT 3:37 – EURO @ 1.3231 = Likely to hold around 1.3205-15 zones for break of 1.3255 or 1.3272 before down again. Fall below 1.3175 delays upmove.

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