The euro is expected to remain bearish
City Index July 18, 2011 1:00 PM
<p>Risk-riverse investors drive gold prices higher on rising concerns about the US and EU debt crisis. Gold Range: 1.592.00 – 1.,598.00 Support: 1591.70 Resistance: 1598.00 […]</p>
Risk-riverse investors drive gold prices higher on rising concerns about the US and EU debt crisis.
Sterling closed at 1.6135 on Friday, with the rate able to push up to 1.6148 into early Asian dealing on Monday, before turning lower as the rate reacted to the heavy sell off in euro-dollar. The rate eased to a low of 1.6065, with part of the euro-dollar pressure diverted to euro-sterling as the cross eased to a low at 0.8733, after eventually filling decent demand interest placed at 0.8745. The move in the cross aided cable’s recovery, with the rate pivoting back around 1.6100 into early Europe between 1.6085/1.6115. Cable support remains at 1.6085 and 1.6065, with more between 1.6045-1.6035. Resistance noted at 1.6115, ahead of 1.6125-1.6130 and 1.6150.
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