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Dollar to remain Firm & Gold could see more losses – Jan 24

January 24, 2013

LATE UPDATE…………………….
GMT 14:58  – Don’t be greedy. Do book your profit. As sentiment is mixed because after possitive European data, US economic data too is showing signs of recovery.
Minus Yen wrong call, it has been one of the best day with 9-correct calls……….
Cheers until tomorrow……….
GMT  6:44 – (C) gold buy at cmp n sl what to keep if buy
GMT 6:47  – Today, I have no love for gold today. I prefer picking the top to sell the Yellow metal………View remains unchanged…..
GMT 8:09 – EURO @ 1.3288 = Book your profit around 1.3282-88…..Cheers
GMT 8:44 – EURO @ 1.3312 = Could potentially make anothor upside test of 1.3345-50 before New York and should hold around 1.3302-07 levels. STOPS if 1.3270-75 breaks
GMT 10:03  – GOLD @ $ 1675.80 = Book your profit around $ 1674-76….Cheers
GMT 10:42 (C) sir now where to short gold again??
GMT 10:50 – Wait for the next signal……..
Since morning I gave 3-signal to trade in Gold. All were profitable………..
GMT 10:55 (C) and sir wht about usd/jpy .. i shorted at 89.35 .. where to put stops?
GMT 11:05 -JPY @ 89.58 = pd, I always say that discipline is key to trading and you cannot make profit on all deals.
In my morning post, I said prefered area to buy is around 89.25-35 and did not change 89.50 STOPS. It is important to learn the trick of the trade or else all effort will be wasted.
If you do not get rid of the habit of holding position, you will end up with Capital washout. So please do not deviate from the trading norms.
Now there is minor risk for test of 89.35-40 levels, as break above 89.50 has increased chances for a test of 89.80-85 zones….good Luck
GMT  12:30 – AUD @ 1.0488 = book your profit around 1.0482-88…Cheers
GMT 13:07  -GBP @ 1.5812 = Book your profit around 1.5806-12…..Cheers
GMT 13:08  -EURO @ 1.3340 = Book your profit around 1.3340-45….Cheers
GMT 13:17 – EURO @ 1.3355 = Should hold around 1.3358-63……. But STOPS 1.3398
GMT 13:24 (C) as ur morning post 65 will see a good support or as yesterday u say break of 75 n 80 will see gold 1640 20 r there chances today to gold
GMT 13:29 – That was medium term view based on debt limit extension. More after US data
GMT 13:36  – GOLD @ $ 1672 = If Gold hold below $ 1677-78, risk for test and break of $ 1665 or $ 1654 or else $ 1682
GMT 13:38 – EURO @ 1.3336 = Needs to break 1.3310 for 1.3288 or esle 1.3365
GMT 14:33 – JPY @ 89.85 = If yen hold 89.98 it could test 88.50 zones but needs to fall below 88.35 for 88.15 or esle may test 90.30-35



GMT 3:31 – EURO @ 1.3320 = Slicing growth forecast by IMF weighed on European market and this may not help if today’s PMI number is disappointing because soft data would mean contraction of Euro-zones service and manufacturing sector activity, although yesterday’s German ZEW survey data was better.

Meanwhile, overall US market is performing well and passing of debt limit extension bill until May is likely to give further boost to market sentiment and will give boost to US Dollar. It now requires Senates approval that will allow Obama to sign the bill.
Today, couple of important US economic data will be released, but all eyes will be on jobless claim, as last week’s surprisingly better than expected data should see reduction claims, which means that economy is responding well to the Fed’s easing measures, possibly it will be healthy sign for US job market..   
On the Japanese front, Yen is in correction phase and the US Dollar rally has certainly slowed down after BOJ monetary policy announcement indicating that it will start its asset buying plan next year, which could be the sign that Japan’s Central Bank is in no urgency of immediate loosing.
I think Japanese government realized that so far the trick has worked, as Yen has substantially weakened and more importantly the debate on currency war has once again started to pick up and the timing is not appropriate because the world financial guru’s are meeting in Davos (Switzerland). This should give enough reason to halt Yen’s ongoing slide and coming days we could see some stability. Hence, unless there is more noise from the Japanese authorities I am expecting Yen to trade on 84-90 band in coming weeks or months.
EURO @ 1.3320 = Euro may struggle to move beyond 1.3345-50 zones and requires break of 1.3390 for resumption of uptrend. I am expecting a dip to re-test 1.3265 levels and could possible see a break of 1.3320 later today for more losses. 
GMT 4:04 – AUD @ 1.0522 = may struggle to move beyond 1.0540-50 and could possible terst 1.0490, break would encourage for 1.0475. Apply Stops if 1.05875-80 surrenders.
GMT 3:59 – GBP @ 1.5837 = Cable will maintain stronger tone and could move towards 1.5860-70 zones, but as long as 1.5920 is protected we could see a dip towards 1.5820 or 1.5775.
GMT 3:42 – GOLD @ $ 1683 = (Bias Downside)Sell around $ 1685-87 STOPS if $ 1692 breaks for test of $ 1676-79 zones. Break will encourage for $ 1665 or esle $ 1698 before down again
SPECIAL UPDATE  – GMT 3:47 -JPY @ 89.15 = Show some patience. Jpy could test 89.35 before this raly halts. Preferable area to enter 89.25-35.Cheers
GMT 3:36 -JPY @ 88.93 = This is my last nights target, which is met. We could still see a push towards 89.10-15 zones before we see a move towards 88.65 or 88.47 or else 89.50
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