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USD to make gains, Gold to Dip Before Late Recovery – Aug 30

August 30, 2013
Positive US data did not work in favor of US Dollar in true sense. It seems that despite UK Parliament’s rejection to attack Syria fear of US military strike on Syria is still dominating the market . Some of the reports suggest that the strike could be possible during weekend after UN inspectors leave Syria, but lot will depend on UN report.
But this conflict should be over in no time, as US may not want to linger on due to severe opposition on the issue, unless Syria respond to US attack if attacked and just a warning/condemnation could bring stability in the financial. Drag won’t do any good, as it will keep market on its toes. From market perspective, there is a fear of US military strike, which is already priced in and is expected to be short lived.
While, the release of  US economic data on Thursday indicated that series of economic recovery maintained its growth pace, GDP Qtr2 2013 was revised upward to 2.5 pct from 1.7 pct due to increase in exports and fall in imports, spending looks OK and the jobless claims fell to almost 6-year low, which is healthier sign for next months jobs data. The trend is is obviously encouraging, as it is consistent.
Today there are quite a few economic data announcement from all over the globe, but none is likely to have any major impact on the market. Any new development in Syria could catch the headlines, but overall bias should be pro US Dollar and gold may have the ability to bounce back after dip.

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GMT 2:57 – GOLD @ $ 1408.50 = We could heading for choppy day, as I am expecting sharp moves both ways. During Asian & early Europe, gold is expected to cap below $ 1412 and a possible break of $ 1398-00 is required to challenge $ 1391-93 zones, before sharp bounce back occurs in New York session. A move beyond $ 1415 is required to test $ 1420.
GMT 3:02 – EURO @ 1.3247 = Top is around 1.3260-80 should hold for a dip to test 1.3205 or 1.3185. Break above would challenge 1.3398.
GMT 3:08 – GBP @ 1.5515 = Should hold around 1.5525-30 levels for a test of 1.5460-70 zones. Break risk for test of 1.5435-40 levels. Apply Stops if 1.5570-75 surrenders.
GMT 3:13 – JPY @ 98.18 = A move beyond 97.95 will encourage for a possible test of 97.70-75. However, if seen I am expecting YEN gains to ease and should not surpass 97.50 for re-test of 98.30-40.
GMT  3:18 – AUD @ 0.8944 = Aussie should hold around 0.8965-75 levels for a test of 0.8905-10, break could see push towards 0.8890-95 or else 0.8998.

Inter-action with my Subscribers during the day…..

7:07 AM   GOLD @ $ 1398 = Book your profit around $ 1396-98…..Cheers
 7:09 AM   GOLD @! $ 1396-98 = Buy Stops $ 1391…………………
7:25 AM    GOLD @ $ 1398 = Avoid buying glod, as it could test $ 1394 if fails to move beyond $ 1400-02………….
 9:24 AM    will us will see bullish in gold or still bearish n when un inspectores will report
9:29 AM     I don’t want to coun’t the chickens before they are hatched. I try to extract the best for my market. I will keep you posted. This is global polotics……..
 9:54 AM   GBP @ 1.5478 = Book your profit around 1.5472-78………Cheers
12:54 PM    sir what about gold and aud after US data!!
12:55 PM    Nothing to add I have already indicated to buy gold around $ 1391-93 levels……… Should hild around $ 1385-87………for up move.
2:02 PM     EURO @ 1.3212 = Book your profit around 1.3196-04 and go long EURO around 1.3180-85 Stops 1.3140…………
Prefer long Cable around 1.5452-58 Stops 1.5410………….
Gold = View Unchanged…………
3:02 PM   Ok pals, end of another excellent month.
Have a nice weekened…………Cheers

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