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Gold & GBP could make some more gains – Sept 11

September 11, 2013
Since USA decided to seek diplomatic solution, market is getting back to normal after easing of tension in Middle East. Stock market have rebounded, oil prices are gradually dipping despite reports of  crude supply falling. Gold has lost its gloss, as buyers fear FED Tapering could hammer the metal. If we take a closer look at the emerging market currencies, they have made small recovery, though the economies remains suspect id FED decides to gradually withdraw its bond purchase plan. So for now, we should get back to economics.
In the absence of any major data from Europe and USA, market seems to be enjoying strong Chinese data and this is why Aussie Dollar continues to make gains, as its economy is too dependent on Chinese economic performance.
Meanwhile, today market will focus towards UK jobs data. Fate of GBP that has been enjoying strength recently, due to better economic numbers will hang around release of labour report as Bank of England has recently pointed out in its policy announcement that it will co-relate its forward guidance with the unemployment report, which means that if the UK jobs data is disappointing then only Pound Sterling will receive thrashing or else Pound can potentially continue its climb on improved numbers, But any gains could be short lived for another fall because GBP is hovering around top of the range and strong Pound does not help UK economy. However, recent growth numbers suggest that prospect for Pound Sterling has surely improved.

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GMT 2:53 -GOLD @ $ 1366 = Today tone could be mildy Bullish, as gold has firm support around $ 1353-55 and may hold around $ 1358 levels for a up move towards $ 1373. Break will encourage for $ 1377 or else $ 1340-45.
GMT 2:59 – EURO @ 1.3265 = Today again we could witness similar pattern, as Euro has support around 1.3230-40 levels and needs to push beyond 1.3290-00 for a test of 1.3325-30 levels or else 1.3205-10.
GMT 3:04 – GBP @ 1.5728 = Cable has strong support around 1.5690-00, but needs to clear 1.5760-70 levels for bigger move possibly towards 1.5850. However, fall below 1.5640 risks for more losses.
GMT 3:07 – JPY @ 100.40 = The move could extend towards 100.65-70, but needs to break 100.95 for more gains. 100.05 should hold or else 99.70-75.
GMT 3:10 – AUD @ 0.9294 = Aussie has support around 0.9240 and should hold, as it could move up from 0.9260-70, but requires clean break of 0.9330-40 levels for a test of 0.9370 or else 0.9210.


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