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Correction expected – Gold to ease Later – March 28

March 28, 2013
Interaction with Subscribers (S) …………….
 
GMT 9:02 – (S) sir shall go long euro at 1.2765??
GMT 9:06 – EURO @ 1.2767 =  we have seen a test of 1.2810 plus, now could further dip but hold around 1.2735-40 1.2710 remains crucial level………
GMT 10:35 (S) sir shall go long gold at 1603 or wait??
GMT 10:42 (S) and sir where to book profit of euro??
GMT 10:45  – EURO @ 1.2802 = book your profit arpound 11.2802-08. don’t take risk. Avoid gold as NYK could push it down to $ 1598-00 if fails to break above $ 1606-7…………
GMT 10:58 (S) sir what abt gbp shall go long around 1.5125-30??
GMT 10:58 – GBP @ 1.5126 = Hope you went short around 1.5180. Book your orofita round 1.5120-26….Do not go long now as see risk for more losses
GMT 11:48 (S) sir where to long gold??
GMT 12:32 – GOLD @ $ 1600 = Buy gold STOPS $ 1595…………
GMT 12:36 – JPY @ 94.27 =BUY Yen around 94.27-35. STOPS 94.55
GMT 12:48 – (S) sir what about euro and gbp now??
GMT 12:55 – Could test 1.2830 -40 & 1.5175-85 zones if hold above 1.2770 & 1.5110
GMT 13:04  (S) gold sir still .10 points left sl not hit what next
GMT 13:05 – Take the hit all deals cannot end in profit…………
GMT 13:07 (S) ok next wait for urs signal
GMT 13:08 – I cannot give immediate level. Have patience, take breather pal……
GMT 13:19 – Gold $ 1595 is still a crucial level, unless breaks convincingly could restest $ 1600-02 or else $ 1590-92……..
GMT 14:94 – EURO @ 1.2835 = Book your profit around 1.2835-40….Cheers
GMT 14:36 (S) Gold sir what to do
GMT 14:37 – My last view on gold is still good…………………
GMT 14:48 – GBP @ 1.5175 = Book your profit around 1.5175-80…………..Cheers
GMT 15:00 – Ok pals, Cheers until tomorrow…………………………………
 
 
 
 
GMT 3:14 – EURO @ 1.2785 =  Nervousness prevails in the market in the absence of any major economic data, as market will be watching opening of banks in Cyprus and implementation of Capital control on its financial institutions. Rating agency Moody’s flashed a warning note by slashing country’s ceiling and warned that Euro exit would disrupt country’s banking system and the economy, earlier it had already downgraded country’s rating with outlook negative. 
Europe is in a very tricky situation, as Italian mess is once again gaining momentum because of the split after recent Italian election. It is extremely difficult to form a government. Italy is surely a bigger cause of of concern and yesterday’s bond auction was the first  indicator and more trouble is surely in the pipeline. Rumour of downgrading will keep market on its toes unless situation gets better.
However, so far this week we saw plenty of negative news coming from Europe and today there are barrage of economic data will be released from Europe and USA. News from Cyprus bank opening will provide the trend and if there is no unrest and if Italy remains quiet then even mildly positive economic data could help market to correct. But in my view any correction should be short lived and would be opportunity to pick the top as Europe will remain a suspect. 
 
GMT 3:14 – EURO @ 1.2785 = Unless economic condition in Europe further deteriorates I prefer to be a cautious buyer, as initially I see strong baseline support around 1.2740-50. Bad economic data could see a dip next support levels is at 1.2710. I am expecting a move towards 1.2810-20 zones and needs to break this level for 1.2845-50.
 GMT 3:19 – GOLD @ $ 1605.60 = Gold could push towards $ 1608-10 zones, but should hold below $ 1615, for a test of $ 1598-00 levels. Break of lower end would encourage for more losses.

GMT 3:23  – GBP @ 1.5136 = Since on dip Cable will find support around 1.5105-10, it can be bought for a move towards 1.5180. beyond that level tough to crack as next level to watch on upside will be 1.52010-20. However, on the downside 1.5070 should not surrender.
GMT 3:43 – AUD @ 1.0422 = Aussie will have a weaker tone once it reaches the top around 1.0450-60 for a possible drop to 1.0380-90 area.
GMT  3:47 – JPY @ 94.13 =  Japanese Yen will make gains and should bottom out around 94.30-40, a fall below 93.60 will trigger more losses. Whereas 94.80-90 remains a crucial support level for the Japanese currency.
 
More Later…………
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