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US Gold Coin Sale by US Mint to Cause Plunge – April 26

April 26, 2013
 6:00 AM– JPY @ 98.53 = Hope you have booked your profit around 98.45. See minor risk for a test of 98.10-15 zones, if seen selling of Yen is suggested with Stops 97.70……………………….Cheers

7:55 AM – GOLD @ $ 1462 = Expected dip has occored if should square around $ 1460-60 and try long around $ 1458-60 Stops $ 1454 for $ 1468-70
8:22 AM- sir aus boguht at 1.0295 apply stop loss 1.270 is it rite?
8:38 AM -Ok, but this currency’s behavior is bit odd. I would suggest getting rid of Aussie. I have to make a comment for my corporate customer…..
 8:45 AM  – sir should buy gbp at 1.5432 stop loss 1.5410
9:03 AM – GOLD @ $ 1461.50 = potentailly could tet $ 1457-58 levels……
9:42 AM– JPY @ 98.59 = Do not go short Yen,as it could dip to teat 98.10-20 zones. if hold 98.85….
12:25 PM – GBP @ 1.5477 = book your profit around 1.5477-83…………….Cheers
12:27 PM – if u.s.a data positive should gold sell at current price or wait for upward moment ?
12:30 PM -Buy Euro around 1.3010 – Gold to test $ 1480- GBP to test 1.5530
12:31 PM BUY gold around $ 1462-65  —  GBP around 1.5460-70
12:32 PM – Hold Yen position…………for 98.10-20 which is intact
12:45 PM – JPY @ 98.15= Taeget met. Book your profit around 98.10-15. Se risk for a drop around 97.88, sell Yen f seen.Stops 97.50
12:48 PM – GOLD @ $ 1473 = if fails to move beyond could dip to test $ 1465-57 zone before up again. You can take profit around $ 1473-75…Cheers
 1:12 PM – should buy again at 1467?
2:04 PM – GOLD @ $ 1471 = If fails to break $ 1475-77 coudl test $ 1458-60, I suspect, huge drop is possible………..
However, BUY is no more recomeded. If moe top around $ 1480-85 prefer Selling…………
2:06 PM – GBP @ 1.5477 = struggled to move beyond 1.5498, if fails to move to new highs, could see another drop.
EURO @ 1.3015 = Unless clears barries 1.3050, risk for a test of 1.2970-80…..zones
3:00 PM – Ok, pals, end of a great week……..Have a nice weekend………Cheers

 

 

US Gold Coin Sale by US Mint to Cause Plunge – April 26

Gold making big strides is caused by physical demand and on believe that Europe is heading for more easing stance and mild shift in sentiment that FED’s unwinding of its asset purchase plan may be delayed until firm economic recovery. I have been writing quite often that FED’s early exit may not be possible any time soon, but this rally will not last for too long, as the move is not simply linked to FED’s QE stance or physical demand. Another factor that gave good support to gold was halt of sale of gold coins by US mint that was announced about 3-days ago. The problem arose when demand for gold coins doubled and USD mint had to halt its sale.
Recently we have seen that 2-4 pct moves in gold and currencies, which is very common and I will not be surprised to see USD 50-100 downward adjustment in next few days, and I consider $ 1500 levels as, another opportunity for the sellers. The moment we hear that US mint decides to entertain its costumers, gold will plunge.
Meanwhile, market is getting mixed signal. We saw some volatility in Euro, as
it could not gain its upside momentum after the release of US jobless claims number, but fall was more due to Bundesbank President’s confidential note to German High Court on Buba’s disagreement on Outright Monetary Transactions (OMT) that allows buying of European debt from Europe rescue fund, which in Bundesbank view questions Central Bank’s independence. This is a serious issues that could create problems in future.
Today’s release of US GDP data will be keenly watched, the expectation is for a big leap due to some adjustments in previous data’s, but disappointing data could may give opportunity to pick some cheap US Dollars, as gold and currencies could rally on the news. Bad GDP number will strengthen Japanese Yen. However, good economic number is already discounted and should be enough to halt gold up move.

GMT 3:27 -GBP @ 1.5457 = Strong support is around 1.5420-30 levels, but needs to clear 1.5498 for 1.5548 or else test of 1.5370-80.
GMT 3:32 –  JPY 98.94 = Strong resistance around 99.50 zones, suspect that we may not see a move beyond 99.25-30 in early Europe and see another test of 98.65 break of 98.45 risk for 98.15. However, break of 100 will surely see surge towards 101.80.
GMT 3:49 – AUD @ 1.0313 = Since bias is on the upside, I am expecting 1.0280 levels to hold. However, do not see move beyond 1.0350-60 levels.
GMT 4:02 – GOLD @ $ 1477 = Expect another volatile day and only break of $ 1483 levels would challenge $ 1490-92 zones. See huge risk for sharp fall towards $ 1440 zones if $ 1460 surrenders. Or else $ 1502.
GMT 3:22 – EURO @ 1.3037 =  With support around 1.2990-00, we could see a push towards 1.3060-80 zones until release of US GDP data. But on the upside, I do not see a move beyond 1.3150 today. However, 1.2960-70 remains a key level and break here would risk for a test of 1.2910-20 zones.

Catch me on twitter          @asadcmka            for Updates………..

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