Trading remains relatively subdued in Asian session today. Aussie firmed up slightly, but lost momentum after RBA delivered no surprise to the markets. Sterling is also trying to break through a key near term resistance against Dollar, but there is no follow through buying yet. The greenback, on the other hand, is turning softer, but there is no clear committed upside momentum in Euro. Overall, the markets are still awaiting breakout from the near term ranges. Technically, gold breaches 1912.56 temporary top and looks ready to resume the rise from 1676.65. Focus will now be on any sign of upside acceleration above 1912.56, towards 1959.16 resistance. Firm break of 1959.16 will raise the chance of long term up trend resumption through 2075.18 high. That, if happens, could be accompanied by renewed selling in Dollar. But break of 1882.07 support will suggest short term topping and bring deeper pull back. Dollar could then be rebounding more strongly in this case. In Asia, at the time of writing, Nikkei is down -0.18%. Hong Kong HSI is up 0.35%. China Shanghai SSE is down -0.08%. Singapore Strait Times is up 0.18%. Japan 10-year JGB yield is down -0.001% at 0.079. |
