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Ben was only defending – Pick Gold on dip & Sell Euro – Feb 27

February 27, 2013


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

GMT 7:15 (C)  sir do you prefer go long pound if seen 1.5040?
GMT  7:19 – UK GDP is due in next 2 hours 10 minutes. Lot will depend on data…………..
GMT 7:50 (C) n gold sir should buy at 1610 or wait for little down
GMT 7:56 – View on gold is unchanged………………But see dip first
GMT 9:14 (C) gold 1608 = view unchanged
GMT 9:14 – No change in view……………
GMT 9:21 – GBP @ 1.5136 = book your profit around 1.5136-42 and stay square until data……..
GMT 9:31 (C) view about gbp after data???
GMT 9:32 – GBP @ 1.5132 = Sell with tight Stops 1.5160-70
GMT 9:34 – GBP has potential to test 1.5150-55 before drroping…………
GMT 9:46 – GBP @ 1.5105 = if holds around 1.5090 levels could see re-test of 1.5140 levels.
GMT 10:10 – Euro @ 1.3113 = Book your profit around 1.3113-18 and go short with Stops 1.3150………..Cheers
GMT 10:12 -GBP 1.5157 = Book your prfit and go dshort around 1.5160-65 if seen……
GMT 10:37 (C) what about gold as euro n gbp u give t preferedl iso short call gold on buy leve
GMT 10:39 – I cannot move gold according to your wishes. If you have sold around $ 1611 take profit around $ 1607-08 and wait until have a clear view….
GMT 10:45 – GBP @ 1.5128 = Suggest profit taking around 1.5122-28… another up move is possible….Buying around current levels is not favoured
GMT 10:55  – GOLD @ $ 1606 = Suspect more fall, prefer to wait and buy around lows of $ 1602-04 STOPS if $ 1597 breaks
GMT 13;15 – GBP @ 1.5155 = sell around 1.5155-60 STOPS 1.5190…………..
GMT 13:26 – EURO @ 1.3081 = Take profit around 1.3081-87 before data. More later………
GMT 13:28 – GBP @ 1.5155 = suggest sqauring Cable position as bad data could see sharp surge……….
GMT 13:35 – Gold @ $ 1610 = if went long Gold book your profit 1610-12
GMT 14:18 (C) what next in gold again buying is prefered at lower levels
GMT 14:21  – We are still in the middle of the range…..wait for another dip
GMT 14:51  – GOLD @ $ 1604= $ 1602-04 is a very tempting level, but there risk for test of $ 1596 and bounceback is also possible. You decide if you wish to take position because Bernanke will be speaking….Gold could again be very volatile……………….
GMT 15:10 – GOLD @ $ 1604 = Remember $ 16010-12 is the next crucial level that needs to break for $ 1616-18 or else, we could new lows of the day…………
GMT 15:12 – Euro @ 1.3102 = If fails to break 1.3110-15 for 1.3140-45, we could see dip towards or below 1.3050
GMT 15:13  – GBP @ 1.5177 = Top around 1.5185-90 or esle 1.52125 before down again.
GMT 15;26 (C) where u see gold up or down after brenanke as he is same yestarday
GMT 15:26 – Ok pals, take morning view for guide. No change in vire. i will prefer to pick to to sell currencies……………Cheers until tomorrow



GMT 3:35  – EURO @ 1.3067 = In his testimony, Ben Bernanke went for an outright support of Fed’s asset purchase programme saying that the benefits are clear. Earlier, US economic data showed continued sign of growth in USA as housing and consumer jumped supporting Ben’s view. But today is another day for Bernanke to answer queries at the highest level.
Gold got boost from Fed Chairman’s Dovish talk and US Dollar could not benefit despite positive US economic data, but this could be temporary, as he is not the only deciding factor about FED’s asset purchase plan. I think he was defending the overall quantitative program that took place during his tenor. He had no other choice and had to support the bond purchase program.
However, he does not represent each and every FED member’s view. Therefore, too much reading of Benrnake may not be good idea because the other Hawkish Fed members will surely counter Fed Chairman at other forums in the days to come. It is more important to concentrate on Fed’s minutes that has clearly changed Fed’s tone. Future release of US economic data will give more clarity.
More importantly, Italy’s parliamentary election should be matter of grave concern, as it spoiled all the hard work done by Draghi. Prospect of forming weak collation government or fresh elections are the only possibilities and this cannot be taken lightly, as reform process in Italy may not be easy to implement. Today’s Italian bond auction will give 1st feeler about the recent development in Euro-zone. Draghi surly will be facing tough time next week.
I am still not convinced with this gold up-move, which is largely due to safe heaven buying that I mentioned yesterday in my post, it got further boost from Fed Charmian’s defensive attitude. Recently, I have noted that gold make gains during month end probably this is due to squaring of books or could be the month end revaluation factor. if this is a revaluation factor then gold should see sharp sell-off by Friday or by next week, or unless we see more misery in Italy because Moody’s have already raised it’s eye borrow showing it’s discomfort.

EURO @ 1.3067 = Expecting small up move around to around 1.3085-90 zones, but should find seller around 1.3120-40 zones, as it needs to push beyond 1.3180-90 for bigger mover, which is not a favored scenario. However, on fall profit should be taken around 1.3010-20. Break here risk for test of 1.2970-90 zones which should be tough to crack.
GMT 3:43 – GBP @ 1.5103 = Do not see a move beyond 1.5150, as see risk for  drop to 1.5050-70 zones. However, a push beyond 1.5190 will encourage for 1.5225. 
GMT 3;53 – JPY @ 91.88 = Yen is likely to weaken as 91.40-50 would be tough to crack for a move towards 92.35-40 or else 91.20. 
GMT 3:57 – AUD @ 1.0223 = The expected move has occurred, but would buy on dip around 1.0190-00 with STOPS 1.0165 for re-test of 1.0250-60 zones
GMT 4:04 – GOLD @ $ 1611 = Bias is on the up-side, as Strong support around $ 1600-3 may not surrender today and unlikely to fall below $ 1605-06 levels for test of $ 1618-20, as gold could possibly could test $ 1628 zones

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