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Forex Flash: Where's the low in gold? - Nomura

Nomura strategists Saeed Amen and Geoffrey Kendrick have taken a look at recent price action and ask, “Where´s the low in gold?”

They start by noting that Friday´s move in gold saw it trading at prices not seen in July 2011, falling over 4%, helped by the move through key technical levels such as $1535, which has been a key support around May 2012. They question they ask is whether the move lower is done. They think before declaring the move done, they need to see gold ETF holdings head back higher, which has not occurred for weeks. Another factor is likely to be how Asia reacts. In the past few weeks, price action during Asian hours has been fairly neutral. Once these factors do turn, they would be more comfortable in saying a low has been reached. They add, “From a longer-term perspective, we have previously acknowledged the decline in tail risks associated with the eurozone has reduced the tail risk appeal of gold. However, the low rate environment has remained intact and should be supportive over the longer term.”

Forex Flash: GBP/USD to fail at 1.5420 - Commerzbank

After rallying to the 38.2% retracement of the move seen this year at 1.5420, where it is showing initial failure, Commerzbank analysts expect the momentum to stop there as it is indicated to have ended its 4th wave in a classic 'a-b-c' correction and it has just registered a 13 count on the 240 minute chart. Failure will follow. “Support lies at 1.5118 (short term uptrend) ahead of 1.5028 (the 20th March low). A break below here is needed to trigger another leg lower to the 1.4832 March low. Longer term we target 1.4229, the 2010 low”, wrote analyst Karen Jones.
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Forex: USD/CHF testing the 0.9300

The USD/CHF is testing the 0.9300 level during European trading Monday, after recovering off a recent setback that saw the pair trading below the 0.9286 mark. At this juncture, the cross is firmly entrenched in positive territory, notching an advance of +0.34%.
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