We’re expecting quiet and thin markets ahead of us today, as the US markets close for their annual Thanksgiving Holiday

<p>EUR/USD Range: 1.3343 – 1.3393 Support: 1.3320 Resistance: 1.3395 Euro-dollar closed in New York at 1.3344, after being sold off in pre-US holiday thinned markets […]</p>

EURUSD
EUR/USD
Range: 1.3343 – 1.3393
Support: 1.3320
Resistance: 1.3395
Euro-dollar closed in New York at 1.3344, after being sold off in pre-US holiday thinned markets to a low of 1.3320 as the markets reacted to the poor bund auction as well as Fitch warnings over France’s AAA rating. The recovery extended into early Asia, the rate lifting back from early marked lows at 1.3341 to 1.33845 on mainly short cover trade. However, the move met decent headwind selling ahead of the stall, stronger supply in the 1.3370 area was soaked up before the push to the mentioned high. The initial pullback met support at 1.3370 before the rate settled back between 1.3350-1.3365 ahead of the European open. Offers remain in place to 1.3390, more towards 1.3395 with a break opening a move back towards 1.3414. Support remains at 1.3320, with interest extending towards barrier interest at 1.3300.
GBPUSD
GBP/USD
Range: 1.5521 – 1.5558
Support: 1.5520
Resistance: 1.5560
Cable closed in New York at 1.5523, the rate having been shoved lower Wednesday in a pre US Thanksgiving risk paring in thinned markets to take out reported barrier interest at 1.5500, marking lows at 1.5495. The rate initially marked lows at 1.5520 in early Asian dealing before recovering on mainly short cover trade, pushing up to an overnight high of 1.5559 as it tracked euro-dollar moves while euro-sterling was contained within a tight range around 0.8600. The rate stepped its way back down to 1.5940 before spiking back to 1.5550-1.5555 ahead of the European open. Offers remain into 1.5560, a break to open a move back towards 1.5580 ahead of stronger area between 1.5595-1.5505. Support remains at 1.5520, with stronger interest put back in place at 1.5500, with stops now reported through 1.5490.
Gold
Range: 1,688.21 – 1,697.22
Support: 1,677.35
Resistance: 1,710.15
Gold closed lower on Wednesday despite a risk off environment that put pressure on crude oil prices and equities. Gold opened at 1,699.60 and Asia attempted a rally through 1,700 to highs of 1,710.15 before falling back in Europe to 1,684.40. New York then took the metal lower again to 1,677.35, before a bounce into the close at 1,692.45. Bargain dip hunters remain to pick up the sharp drops, and continuing EU debt worries will undoubtedly attract further demand for the metal. Asian markets have been steady overnight, with gold trading a 1,687.80-1694.75 range ahead of today’s US Thanksgiving holiday. Support is seen towards 1,677.35 and 1,666.70, with resistance at 1,710.15 and 1,726.60.

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