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EURO could see mild recovery – Gold to suffer more losses after correction – Feb 21

February 21, 2013

Join me on Twitter for quick currency & gold Updates……….. @asadcmka


GMT 5:51 – GOLD @ $ 1563.50 = Book your profit around $ 1563.50 –1565……Cheers
GMT 6:38 – GOLD @ $ 1566.50= See risk for some more gains, prefer picking the top to sell again around $ 1568-70. Should hold below $1575……..
GMT 8:49 – (S) Hi sir, f short in EU then wait for 1.3180 or more OR close at 1.3205-10? Thanks
GMT 8:51 – wait for 1.3170-90
GMT 9:33 – (S) Sir, Whats the preferable area to Short GBP? Thanks
GMT9:43 – GBP @ 1.5227 = Book your profit around 1.5227-32……
GMT 9:45 – GBP @ 1.5230 = watch 1.5250-60 levels if break could surge by another 1.30-40 pips or else re-test of 1.5190-00 zones
GMT 9:47 – GOLD @ $1569 = View unchanged……………..
GMT 12:02 –  JPY @ 92.83 = book your profit around 93.78-83…..Cheers
GMT 12:07 – (S) next in gold sir, sell gold now up
GMT 12:08 – GOLD #$ 1573 .50 = Sell and and keep boking profit
GMT 12:09 – JPY @ 92.82 = see small risk for a test of 92.60-65 before Yen easing for 93.35-40. Should hold abbove 92.35
GMT 13:36 – (S) sir wht abt gbp and gold after data??
GMT 13:38 – GOLD @ $ 1573 = could go for more correction and may test 4 1577-79 zones before down again
GMT 13:41  – GBP @ 1.5262 = has more upside. 1.5210-20 should hold for 1.5298 or 1.5310-20. Only break of 1.5170-80 levels risk for more losses…..
GMT 15:08 – EURO @ 1.3218 = The key for Euro is to break above 1.3250-60 levels or else another test of 1.3160-70 coul;d be possibility.
GMT 15:10 (S) sir stoploss for gold??
GMT 15:11 – hope you have picked the to next level to watch is $ 1585, but crucial level $ 1590-92, which should not break………………
GMT 15:13  – GBP @ 1.5255 = Book your profit around 1.5255-60 failure to move above 1.5280-90 risk for another test of 1.5190 zonesrisk
GMT 15;14 – Ok pals, great day so far except for one bad call in EURO as i was away in a meeting and missed the European number………..
Cheers until tomorrow……..
I am not sure if I should discuss QE at length because one thing is for sure that the pace has been set, as most of the FED members that has so far posing Dovish mood are sounding uncomfortable with its current ongoing QE policy. Therefore, the discussion on Fed’s bond purchase program will continue for days to come. Market could get more clues until and after FED meets next time. This also means that the FED members that have decided to extend its monthly asset purchase up to USD 85 billion soon realised about the risk involved,  though some of the members were of view that ending of FED’s asset purchase too soon could cause damage to the economy. 
 It all suggest that in future cracks could appear on the subject of continuation of FED’s QE policy and hence, downward adjustment of FED’s asset purchase amount is surely on cards. This does not mean that FED could be done with their asset purchase program before they reach the unemployment target of 6.5 pct. But I do see trouble when FED decides winding of its asset purchase program if the inflation pressure continues to grows at a faster pace.
 Today’s US economic data Jobless claims, CPI, Philadelphia report and existing home sales will be interesting to watch, but couple of FED officials will be speaking in next 2-days that will provide more clues about their intention, they may try to clam down the market sentiment rather being more vocal on the subject.
GMT 3:28 – EURO @ 1.3275 = I am expecting a small bounce back from 1.3240-50 levels and 1.3205 should not surrender. Needs to move beyond 1.3310-20 for a test of 1.3350-55 zones or else see a dip to support level before up again.
GMT 3:34 – GBP @ 1.5227 = I see very strong support around 1.5120-50 zones an will not be surprised to see a bounce back from 1.5160-80 zones, but has strong resistance at 1.5298 and only break here will encourage foe 1.5365 
GMT 3:41 – JPY @ 93.43 = No change in strategy, if seen  pick the top and buy Yen around 93.90-95 as long as 94.40 is protected, but be quick to book your profit as the currency will find selling interest and gains could be short lived. However, I suspect that any moment we could sharp Yen gain in the coming days.
GMT 3:45 – AUD 1.0234 = Yesterday, I warned that I am a bit surprised to see Aussie strength, the expected down move has occurred. I will be cautious around 1.0210-20 levels and would buy as 1.0179-80 is the strong support level for a move towards 1.0280.
GMT 4:02  – GOLD @ $ 1558.75 = During Asian session, gold will find protection around $ 1654-55 zones and only loss of $ 1650 will see bigger fall. However, failure to move beyond $ 1563-65 levels risk for another drop in the making……
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