Dale once again sounds hawkish on BoE’s quarterly bulletin
City Index June 15, 2011 12:30 PM
<p>Gold Range: 1.521.00 – 1522.00 Support: 1512.00 Resistance: 1532.80 Bullion markets saw a bounce yesterday, largely helped by a weaker US dollar index. Gold rose […]</p>
Euro-Dollar closed in New York at 1.4440, off late rally highs of 1.4498. The rate initially edged to an overnight session high of 1.4451 in early Asian trade before stalling. Euro move lower, gaining momentum as a Financial Times report suggested the Greek bailout plans require an additional E20 billion. The rate met support in at 1.4405, which cushioned the rate, marking lows at 1.4404 before settling into a 1.4404/20 range before nudging higher between 1.4410/30 into the European open. Bids remain at 1.4375 ahead of 1.4370 through to 1.4350, with stops noted below. Resistance at 1.4435 ahead of 1.4450, looking at 1.4480 as stronger resistance ahead of 1.4500.
Cable closed in New York at 1.6370, with early demand into Asia seeing the rate push up to a high of 1.6383. The rate then hit a low of 1.6353, only to cushion ahead of 1.6350. This was provided by euro-sterling as it eased off from 0.8823 to 0.8803, holding heavy into early Europe. Cable seems to be trading within a falling channel, with parameters today seen at 1.6186/1.6430. Cable offers seen at 1.6380/85, ahead of 1.6398/08 before stronger interest at 1.6420/30. Support remains into 1.6355/45, a break to open a deeper move toward 1.6325/20.