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Gold to Ease – Euro should Correct after Hitting Top – April 09

April 9, 2013

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

JOIN Me on TWITTER ……………….   @asadcmka
 
GMT 7:15 = EURO @ 1.3008 = Prefer buyng around 1.2990-95. Stops 1.2950………….
GMT 7:29 =  JPY @ 98.74 = Long Yen should book profit and Sell Yen around 98.68-74 with STOPs 98.25
GMT 8:34   = GBP @ 1.5285 = Cable should find support around 1.5240-50 levels and could move higher to test 1.5315-20 zones on break of 1.5398. However, 1.5220 should not surrender…………..
GMT 8:41 (S) = what about gold sir chances of break of 78 80 level as euro n gbp r on buy signal so should gold also move up today
GMT 8:50 = my view unchanged on gold. You could be right, if you are too sure Buy Gold.GL
GMT 9:33 = GBP @ 1.5319 = Book your profit around 1.5319-25………Cheers
GMT 9:35 =  AUD @ 1.0462 = Top around 1.0465-70………….
GMT 11:07 (S) = gbp shoulb buy at current rate again 1.5290
GMT 12:31 (S)  = sir what abt gbp now??
GMT 12:32  = heavy around 1.5325-30, if break could test 1.5350. Ideal area to sell if seen……….
GMT 12:38 = GOLD @ $ 1576.70 = We have seen a test of $ 1570 and now looking good to test $ 1578-80 zones. Pick top to sell. Stops $ 1584
GMT 12:44 = JPY 98.90 = No change in view, hold your Yen sell at 98.75……
GMT 13:14 (S) = sir what about aud i shorted at 1.0480??
GMT 13:34 = this is not a position worth carrying in US session.
However, crucial upside level is 1.0510-20. I would prefer to get rid of this position should hold around 1.0450-60…………
GMT 13:37 (S) = at 78 80 sir view unchanged
GMT 13:38 = follow my last post on gold…………….
GMT 14:14 = GOLD @ $ 1579.90 = Book your profit and go short around $ 1580-82. Stops $ 1568………………
GMT 14:25 (S) = sell gold at 82 n sl 88 ok sir
GMT 14:27 = could test $ 1588-89 before down again
GMT 14:29 (S) = then what should sl i sell at 82 if hold then what should be now sl
GMT 14:48 = Ok, now $ 1589 test, current up-move should exhaust for test of $ 1580-82 levels. Discipline is the key, there is price that ha to be paid for indisciplined trading…..
GMT 14:57 = Ok pals, I have to leave.
-If short Cbale book your profit around 1.5282-88
JPY Book you profit at current level 99.06 or break of 99.20 will see a test of 99.40. Suggest taking profit.
Gold view unchanged……..
Cheers until tomorrow…………
 
In the absence of any major economic data market was somewhat confused and focusing on developments in Portugal after its constitutional court rejected governments plans austerity cut and waited for direction from New York. 
 
However, US market had nothing much to offer, as it was Yen’s one sided journey that continued to get closer to the magic 100 mark in NYK session. It seems that the Japanese economy has started showing signs of improvement, weak Yen helped trade number to enter into positive territory, as Japan’s February current account has shown surplus that supports BOJ’s ultra easing policy stance and this should encourage officials to maintain its current stance. 
 
Meanwhile, gold could not continue it upward journey and lost its sheen after reports that gold holdings SPDR Gold Trust has declined. With average Indian and Chines buying interest, probably sensing gold at current rate is too expensive, Central Bank buying is the only hope, which means potentially gold has good reason to fall in coming days.  
 
EURO @ 1.3057 = Support around 1.3020-25 to hold for a move towards 1.3070 break will test of 1.3092 zones, but prefer to be a cautious seller at top, as Euro could make another 50-70 pip downward correction after hitting the top.
 
GOLD @ $ 1575 = Doubt gold has enough legs to penetrate beyond $ 1578-80 levels. looking for a break of $ 1569 zones for a possible test of $ 1565. Deeper fall is possible. Or else $ 1685 before down again.
 
GBP @ 1.5269 = Cable should struggle to move beyond 1.5292-98 and needs to clear penetrate beyond 1.5340 for resumption of its up-move and is likely to test 1.5220-25 zones.
 
JPY @ 99.31 = Yen’s downside momentum is intact as long as 98.50-70 holds and could soon test 100 levels, but I still believe that despite breach of a century mark Yen could make over 100 pip correction before another downside attack. If seen Worth taking chance with Stops 100.50.
 
AUD @ 1.0428 = Upside should be capped around 1.0460. However, Aussie will find support around 1.0380-90 that may hold for now.
 
 
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