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Currencies Consolidating – Some more gains for Gold before Fall – July 9

July 9, 2013

Interaction with my Subscribers during the day…………

5:42 AM   EURO @ 1.2883 = Book your prfit around 1.2883-89….Cheers
5:57 AM   GOLD @ $ 1259.50 = Sell around $ 1259.50 -62 Stops $ 1265……………………..
8:09 AM   sir shall go short aud at 0.9180-90 or wait??
8:15 AM   AUD @ 0.9177 = Hope you have booked profit around 0.9180-90. Now break of 0.9210 is required for a test of 0.9240 or else re-test of 0.9140………….
8:33 AM   GBP @ 1.4920 = Hope you have booked your profit around 1.4970-80 zones. Now should hol below 1.4970 for test of 1.4870-80……
8:57 AM   hi sir,  Go long here in GBP or wait for more dip ?
9:02 AM    GBP @ 1.4894 = I am expecting test of 1.4855-65 zones, but would still suggest taking profit around 1.4870-80
9:04 AM   GOLD @ $ 1254 = Suugest taking profit around $ 1252-54….Cheers
9:34 AM  GOLD @ $ 1250.50 = Buy around 4 1248-50.50 = Stops $ 1245…. 9:35 AM    sir shall go long gold at 1250 wid stops 1245??
 9:36 AM   Please refresh page………..
11:03 AM   Sir,   Asking a day earlier but what do u think about Bernanke speech tomorrow. As per my reading in news many are saying that they are expecting dovish comments from his side this time.  Thanks
12:33 PM     Bernanke’s speech would be more or less interpretation of FOMC minutes, which will largely depend on the tone on minutes. Fed language is likely to put emphasis on economy. With such a strong payroll numbers it would not be easy to switch mood to Dovish approach.
I think this is wishful thinking of Doves caught by surprise with FED’s strong tone in favour of tapering in his last appearance. Market is half prepared for Fed’s downsizing of its asset purchase plan. His aggressive tone to taper will disappoint all the big fish unless he turns Dovish, as you said. But I think scaling down is a now FED agenda……..
 12:40 PM  GOLD @ $ 1254= Book yoor profit around $ 1254-56…..Cheers
12:47 PM  GOLD @ $ 1255 = See minor risk for teast of $ 1258, pick top to sell………..
 1:17 PM  sir shall go long gold again at 1250??
1:19 PM   Either wait for my signal or go ahead if your are comfortable…..!
1:35 PM   ok sir waiting ..
 1:48 PM   GOLD @ $ 1255-57 Sell Stops $ 1259
2:32 PM   GOLD @ $ 1249 = book your profit around $ 1247-49…….
 2:33 PM   Euro is a buy aroun d 1.2780-90 zones Stops 1.2735………….
3:05 PM    Ok pals, end of a fine day.
Cheers until tomorrow………………………….

COMMENTARY

Following sharp moves seen after the release of Friday’s payroll data, market is taking a breather and trying to determine the next possible move, probably waiting for the release of FOMC minutes due tomorrow, as there is no major release of economic numbers from USA. Today’s release of Redbook index may not impact the as it represents minor portion of retail sales series.
Currencies and gold some stability. Despite narrowing of German trade surplus and Industrial production 0.1 in negative, Euro’s slide halted after understanding reached on Greece and Portugal though both countries are faced with different issues. Since Euro has come within the distance of crucial support level of 1.2740 we could see some consolidation until tomorrow’s FED FOMC minutes.
Meanwhile, gold got some boost from Deutsche bank prediction that correction is nearly over. In my yesterday’s closing remarks I suggested squaring of gold short position because as per my weekly outlook post on gold I said break of $ 1235 will risk for test of $ 1255. We could in a last leg of upside move this week before another sharp drop occurs.

Twitter              @asadcmka  ………………..  for Currencies &  Gold

GOLD @ $ 1252 = Heading for  choppy day. I see some more gains, as $ 1245 will hold  and would prefer to wait to pick the top to sell around $ 1255-60 zones break of $ 1266 risk for more gains, before fall occurs. Needs to break $ 1240 for more losses.
GMT 3:21  – EURO @ 1.2853 = Likely to hold around 1.2820-30 zones, but needs to break 1.2895 for test of 1.2910-20 levels before down again. However, fall below 1.2805 will encourage for a test of 1.2780.
GMT 3:25 – GBP @ 1.4936 = Support around 1.4905-10 should hold for a test of 1.4985-95 zones. Break risk for 1.5020 or else Cable will test 1.4870-80 zones.
GMT 3:29 – JPY @ 101.06 = As long as 100.60 holds, see risk for a test of 101.60-80 zones, but failure to beyond risk for another test of 100.50. Levels to watch will be 100.10.
GMT 3:32 – AUD @ 0.9127 = The expected move is occurring, but needs to break 0.9150 for a test of 0.9180-90 levels. Support 0.9050 should not surrender or else test of physiological level of 0.90 would be possible.

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