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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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Shockingly bad ADP employment report

Article By: ,  Financial Analyst
June 7, 2011 11:48 AM

The shockingly bad ADP employment report and ISM data out of the US has forced traders to immediately downgrade their expectations for Friday’s non farm payrolls. The US Dollar has seen a revisal of interest with traders looking to downsize risk ahead of the jobs number on Friday in case it also shocks to the downside.

Gold
Range: 1,542.90 – 1,546.40
Support: 1,541.00
Resistance: 1,553.70
Spot Gold and Silver both closed firmer on Monday as safe-haven demand continues to bolster the metals following weak US economic data at the end of last week. Gold closed last night at 1,544.70 after an intraday high of 1,553.70 with silver finishing at 36.80 after afternoon highs of 37.30. Asian markets have seen sideways trade with the metals confined to 1542.50-1545.80, and 36.53-94 Gold has support at 1,541.10 and 1,524.10 with resistance at 1,553.70 and 1,575.45. Silver support is at 36.37 and 35.10 with resistance at 37.30 and 38.45. Gold still holds at these levels with safe – haven demand
EUR/USD
Range: 1.4564 – 1.4648
Support: 1.4560
Resistance: 1.4657
Euro-dollar closed in NY at 1.4566, off session lows of 1.4557, seen after market reacted to Juncker comments that he sees the euro as overvalued, as well as downbeat comments concerning the Greece bailout. Rate opened into Asia around 1.4575 and was pushed up to 1.4600 on reported retail demand, but offers placed at 1.4600 countered the early move, only to take the rate to lows of 1.4564. Recovery came into play and eventually a break 1.4600 pushed the rate to 1.4616. Offers reported in place at 1.4655/60. Stops noted between 1.4665/70. Demand remains toward 1.4560, more into 1.4550 with stops placed between 1.4550/40.
GBP/USD
Range: 1.6325 – 1.6400
Support: 1.6325
Resistance 1.6410

 

Sterling closing in NY at 1.6350, with early demand into Asia, took the rate up to session highs of 1.6360 only to drop back to 1.6324, which was aided by the release of weaker than expected BRC retail sales data. Cable met support around 1.6326. Recovery was able to step its way up to 1.6357 before settling between 1.6345/55 for the rest of the session. With the rate retesting the overnight highs we should see a break here to open a move toward 1.6380 ahead of 1.6410. Through here and rate can edge on toward 1.6430 ahead of stronger area between 1.6450/60 with support remains at 1.6325/20.

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