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Europe in Disarray – Pick top to sell GOLD – EURO & GBP – April 03

April 3, 2013

Interaction with Subscriber (S) during the day……………

TWITTER me……………….   @asadcmka

GMT 8:57 = GBP @ 1.5112 = The up move have occured, book your profit around 1.5112-20………….Cheers
GMT 8:23 = (S) sir where to short gold??
GMT 8:26 = (S) yes sir gold 72 where to short
GMT 8:34 = Hope you picked top and went short Cable. Wait for next signal STOPS 1.5160 is intact…….
GMT 9:15  = (S) sir shall go short euro at 1.2830??
GMT 9:17 = Though view on Euro is unchnaged. Could test 1.2850-60 zones as IMF announces $ 1billion lending to Cyprus. So pick the top…..
GMT 9:34 = GOLD @ $ 1567.80 = Suggest profit taking squaring around $ 1566-68, as I am expecting another up move…………………………
GMT 9:52 = GBP @ 1.5110 = I am not comfortable with short Cable position, as I see risk for a test of 1.5140 area. Support levels are 1.5105 & 1.5088. Suggest squaring……………
GMT 11:56 = (S) if u.s.a data negative than chances of gold still down ?
GMT 12:13 = negative data will give opportinity to pick top to sell.
There are quite a few other factors that influence gold moves……….
GMT 12:36 = GOLD @ $ 1573.50 = if fails to break below $ 1570-71, I see risk for a test of $ 1576-78 zones…………
GMT 12:37 = AUD @ 1.0487 = Book your profit around 1.0487-93..cheers
GMT 12:39 = GBP @ 1.5137 = if went long book profit around 1.5137-43 and Sell around 1.5150…………………..
GMT 12:40 = EURO @ 1.2838 = Euro is likley to make some more gains and should exhaust around 1.2870-80 zones…………
GMT 13:06 = JPY @ 93.15 = Selling Yen around 93 is preferred, with buy USD Stops 92.70……………
GMT 14:01 = JPY @ 92.90 = sell Jpy against USD STOPS 92.60
GMT 14:02 = GOLD @ $ 1576 = book yor profit and sell gold around $ 1576-78 STOPs $ 1582………
GMT 14:02 = GBP @ 1.5157 = Sell sround 1.5158-65. STOPS 1.5195…..
GMT 14:03 = EURO @ 1.2856 = book your profit and sell Euro around 1.2870-80. Stops 1.2920……….
GMT 14:36  = (S) should go long gold here ?
GMT 14:39 = GOLD @ $ 1570.50 = Ok pals, hope yopu have sold around $ 1576. Now levels to watch is $ 1568-70, break here will see a fall toweards $ 1562-64 zones or else could see another test of $ 1574-75 zones
GMT 15:04  = Ok pals, end of excellent day.
I would suggest squaring of JPY position as more gain is possible, could test 93.45- 50 levels before easing.
If you want to carry other positions do book your profit or apply STOPS.
Cheers until tomorrow………….. 

FX & GOLD Daily View…………………….

I have been frequently pointing out that the European economy is in extremely bad shape and mending through window dressing is not the lasting solution. We saw this happening in Greece and we are witnessing the same in Cyprus. Widow dressing could be manageable in two countries, but will not be easy and sustainable in Spain and Italy.

Recent economic data rings the alarm bell, as manufacturing sector has gone burst and unemployment is on constant record all time high and comfortably hitting 12 pct mark. Hence, condition set to meet the austerity target is doing more harm than good, because applying spending cut is surely not sustainable for the Euro-zone economy and with harsh austerity measures, all the taking about growth and jobs in the region becomes meaningless.

With grim situation in Cyprus, resignation by its Finance Minister is more depressing news suggesting new person will represent the country already faced with extraordinary challenges. While, there is no respite in Italy, market will surely remain puzzled and confuse, which is not healthy for the financial market.

Meanwhile, recent US economic data have been somewhat weak, but FED voting member Evan’s in his speech suggested reduction in FED’s bond buying program by this calender year end gave enough reason for gold to fall, as it could not make substantial gain from Cyprus unrest. Gold is stall at a risk to test new lows of the week.

EURO @ 1.2801 = Euro is is faced with downside risk and may hold below 1.2830-40 levels, but has strong support around 1.2765, which needs to break for 1.2725. However, a long as Euro holds below 1.2880 levels, selling pressure to continue.

GBP @ 1.5081 = During Asian/early European session Cable should hold around 1.5040 for a slight up move towards 1.5110-20 zones, but is likely to hold below 1.5150-60 for possible teat of 1.4980-85 later in the day.

JPY @ 93.54 = Only break of 93.98 will pave way for test of 94.30-40 zones. Yen gain could only be possible if 93.10 surrenders for 92.60.

AUD @ 1.0450 = Aussie is one currency that can flex its muscles and should hold around 1.0420-25, break will encourage for 1.0390, but should bounce back if dips. A move beyond 1.0505 is required for a test of 1.0535.

GOLD @ $ 1569 = Gold may have resumed its down trend and unless move beyond $ 1578-80 levels, seller should dominate. I do not expect up move beyond $ 1576 and would prefer to pick top to sell. Gold is required to push below $ 1558 for test of $ 1550-52 levels.

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