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GOLD $ 1210 Bingo ! – Watch out, it’s June End – June 28

June 28, 2013

As Fed official continues to confuse the market, one thing is for sure that something is cooking. The discussion on US interest rate hike is pre-mature and makes little sense because it is tapering that will happen prior to hike. This is adding salt to the wounds and this is why hedge fund Gur’s Marc Faber, Gundlach and Bill Gross are worried and vocal on the subject and now trying to clam the market.
One thing is for sure that longer its take it is going to be painful a process for the global financial market unless FED declares that scaling down may be delayed, as time is not ripe or it is not appropriate time to act. I will not be surprised to hear such statement as the pressure is mounting and hedge funds and banks investments are powerful enough to influence the market.
Fed official are trying to clam the market by sending message that they misunderstood Bernanke and are overreacting. I think market will be more interested in economic data that should determine the future trend and only barrage of poor economic data could change present sentiment, as earlier message from Fed Chairman is clear and loud, which does not require clarification as it is the US economic indicator that will tell the truth.
Recent release of US economic indicators is encouraging for the economy, as the gains may be small, but it does tell that the US economy is on the right track. Jobs market is improving, people are consuming that has helped spending to rise and with manufacturing sector doing well so far, economic indicators surely points to good future prospect for growth. Unless today’s Chicago PMI and University of Michigan Consumer Sentiment disappoints, we could end up week in positive tone.
So far this has been excellent week I have been meeting m targets comfortably. Gold did hit my medium-term target of $ 1210 at a very fast pace. In January @ $ 1655 when I gave a gold target of $ 1201 and possibly $ 1090 with all my reasoning’s there was quite a few smiles, but time is proving that I had a valid argument, as i still have another 6-months to hit lower end of my target.
However, one important observation is that recently we have seen liquidation of asset as investors have been reducing their risk, but this could also be due to June end squaring and market could potentially make correction. So watch out pals, as we could see some volatility today.

Twitter for Currencies & Gold     @asadcmka

GMT 3:08 – EURO @ 1.3067 = Euro should hold around 1.3040, as expecting gains during the day. Break of 1.3090-95 will encourage for a test of 1.3110-20 zones. Fall below 1.3010 will encourage for 1.2980.
GMT 3:13 – GBP @ 1.5270 = Cable should hold around 1.5230-40 levels for a move towards 1.5298, break will encourage for 1.5320-25 Or else test of 1.5180-90.
GMT 3:17 – JPY @ 98.80 = Yen is likely to suffer more losses as 98.20-30 should hold, break of 99.05-10 levels will encourage for 99.45 or else watch 97.90.
GMT 3:25 –  AUD @ 0.9249 = Aussie should hold around 0.9210-20 levels for 0.9290 or else 0.9180
GMT 3:32 – GOLD @ $ 1203 = We could be heading for another choppy day with wild swings possible due to June end book squaring. Levels to watch is $ 1190 on break risk for another test of $ 1177-80 zones. On the up break of $ 1205 risk for test of $ 1215-20.

 

Interaction with my Subscribers during the day…………

 

6:21 AM   sir as gold breaks 1205.. shall go long around 1206-7 with stops 1199??
 6:28 AM   Gold to remain choppy, you may try your luck……………..
6:34 AM ok sir waiting for you signal whenever u feel comfortable do give it 🙂
11:29 AM   sir shall go long aud at 0.9225??
12:09 PM  GOLD @ $ 1202.50 = Sellaround $ 1203-05 Stops $ 1209…………
EURO @ 1.3075 = book you profit around 1.3075-82………..
JPY = Hold you sell around 98.80 Stops 98.40 =
12:48 PM   GOLD @ $ 1191 = boo your profit around $ 1189-91…cheers
1:27 PM   GBP @ 1.5241 = Stay square as faliure to move move beyond 1.5260 riskk for test of 1.5190-00
 1:38 PM    if u.s.a data come negative should buy gold ?
1:59 PM   1190 break wait for 77 give some direction in gold after us data 2:09 PM   GOLD @ $ 1191 = failure to move beyond $ 1196-98 risk for test of $ 1182-84..
 2:19 PM   GBP @ 1.5198 = book your profit around 1.5192-98…………..
2:22 PM   GOLD @ $ 1200 = Sell Stops $ 1205……
2:29 PM   OK avoid position in gold as month squaring is pulling it towards $ 1215-20……….. Should exhsut aover $ 1220-25
2:30 PM   JPY @ 99.10 = Book your profit around 99.10-15
 2:59 PM    OK pals, this one of the best week ever, if you have followed me….

Have a nice weekend…………………………………………….

 

 

 

 

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