The euro is expected to remain bearish

<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.

Gold
Range: 1.592.00 – 1.,598.00
Support: 1591.70
Resistance: 1598.00
Gold continues to build higher on safe haven attraction following heightening concerns over the US and EU debt crisis. Gold headed higher on Friday after early dips to 1,576.10 rallying into the close at 1,593.70, just below Thursday’s all-time high of 1,594.50. Asian markets have taken the metal to a new high of 1,598.40. Silver also rose strongly on Friday but failed to surpass Thursday’s high of 39.37, closing the day just under at 39.29. Asian markets however have sent the metal higher again to 39.97. Near-term support for gold is currently at 1,591.70 and 1,576.10, with silver support at 39.26 and 37.88. Resistance for silver seen towards 40.57 and 42.35.
EURUSD
EUR/USD
Range: 1.4027 – 1.4168
Support: 1.4040

Resistance: 1.4080

Euro-dollar closed at 1.4146 in New York on Friday, the rate opening Asia around 1.4155 before edging to an early high of 1.4168. A sharp sell-off prompted a reversal in euro-dollar, with fast money sales taking the rate under 1.4100 to an eventual session low of 1.4052. The move met decent demand interest into 1.4050, before settling between 1.4060 and 1.4075 ahead of the European open. Offers seen placed at 1.4080, a break to allow for a move to 1.4095/05, with stops placed on a break of 1.4110. Above here, the rate can edge towards 1.4120-1.4125. Support remains into 1.4050, a break to expose support between 1.4040-1.4020 ahead of 1.4010-1.4000.
GBPUSD
GBP/USD
Range: 1.6099 – 1.6135
Support: 1.6085
Resistance 1.6115

 

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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