Gold went down before closing, and certain downward range appeared

Market Reviews of the Previous Day:
During NY session on 15 September, the Federal Reserve and other central banks joined the European Central Bank to launch a currency swap agreement. It will inject the dollar into the Europe bank industry which appeared funding crisis. Market confidence turned stable.
The dollar fell against major currencies, but the euro's rebound was not supported by the improvement of the real economy. Technically there was no symptom of upward movement.
European banking industry is deeply falling to the debt crisis. The central bank's action was just to give more time for Europe to solve the problem, and there was no real improvement in the crisis.
Some people think that this move of the European Central Bank was a temporary solution, and did not solve the Greek insolvency problem. It is predicted that policy makers have prepared for Greek default, and may be looking for more measures in the coming months.
The current foreign exchange market basically continued the main structure of the previous technical trend.
September 15, international gold closed lower. The world's major central banks provided dollar liquidity to maintain stability of financial market. The market risk aversion therefore dissipated rapidly. Gold had a certain sell-off.
Key Economic Data and Events:
GMT+8 16:00 Eurozone Current Account (July);
GMT+8 17:00 Eurozone Trade Balance (July);
GMT+8 21:00 US Long-term Net Capital Inflows (July);
GMT+8 21:55 US University of Michigan Consumer Confidence Index (September).
Gold:
Gold opened at 1820.03 USD on 15 September, with intra-day Low at 1773.63 USD and intra-day High at 1826.39 USD, eventually closing at 1789.21 USD. Intra-day range of 52.76 USD was seen.
Gold fell before closing on Thursday, breaking the low level 1790 USD from September 7 and the up moving trend line from July 1, 2011. The down moving range appeared.
The current resistance is at 1827 and 1844 USD, and the support is at 1718 and 1703.
Trading suggestions:
After downward breaking, the target theoretically is at 1718 and 1703. However, since the downward breakthrough of the up moving trend line before closing was not obvious, selling gold could lower the position.

Volatility narrowed, waiting for the breakthrough in the direction

Market Reviews of the Previous Day:
During NY session on 14 September, the dollar had certain decline, boosted by some positive news. The sell-off of the euro against the dollar has been suspended, but the market was cautious.
German Chancellor Angela Merkel and French President Nicolas Sarkozy said and believed that Greece will not withdraw from the Eurozone, but in the absence of a viable measure, the market was still unstable.
The current foreign exchange market basically continued the previous technical trend.
September 14, international gold closed slightly lower. The urgent needs of solving the debt crisis have pushed investors to return to the high-risk market and the dollar remained steady. European Commission President Jose Manuel Barroso said the EU Commission will soon announce the launch the program of the European bond.
Key Economic Data and Events:
GMT+8 16:30 UK Retail Sales (August);
GMT+8 17:00 Eurozone Consumer Price Index (August);
GMT+8 20:30 US Consumer Price Index (August);
GMT+8 20:30 US Current Account (2nd quarter);
GMT+8 20:30 US Initial Jobless Claims (September 10);
GMT+8 21:15 US Industrial Production (August).
Gold:
Gold opened at 1834.80 USD on 14 September, with intra-day Low at 1809.38USD and intra-day High at 1844.47USD, eventually closing at 1820.87 USD. Intra-day?range of 35.09 USD was seen.
Gold narrowed the volatility on Wednesday. It recovered in short-term without further momentum. The current range of fluctuation is decreasing. The consolidation pattern appeared in the daily chart.
The current resistance is at 1845 USD and the support is at 1790.
The two-side breakthroughs implied a certain range of movement. The further resistance is at 1885 and 1920, and the support is at 1703.
Trading suggestions:
The narrow fluctuation range is at 1845-1790. After being broken, a larger movement appeared.

The partial oscillation maintained

Market Reviews of the Previous Day:
During NY session on 13 September, the dollar rose and fell against major currencies, and the euro rose slightly against the dollar. Market will continue to focus on the latest news of debt crisis in the Eurozone. Under the influence of various rumors, market sentiment was erratic.
Foreign exchange market basically continued the previous technical trend.

September 13, international gold closed slightly higher. The bid rate of the Italian five-year government bond has been recorded the highest level among similar bonds since the establishment of the Eurozone, The worry of European debt went up.? In addition to the retreat of the dollar, gold price was pushed up, and eventually close modestly higher.

Key Economic Data and Events:
GMT+8 16:30 UK Unemployment Rate (August);
GMT+8 17:00 Eurozone Industrial Production (July);
GMT+8 20:30 US Producer Price Index (August);
GMT+8 20:30 US Retail Sales (August);
GMT+8 22:00 US Business Inventories (July).
Gold:
Gold opened at 1815.03 USD on 13 September, with intra-day Low at 1800.32 USD and intra-day High at 1843.74 USD, eventually closing at 1834.93 USD. Intra-day range of 43.42 USD was seen.

Gold rose slightly on Tuesday. It rebounded near the low level at September 7. The adjustment at high level and fluctuation were significant.

Suppose the partial channel was constructed at September 7 and September 12, the up moving range of which will reach1890. The further resistance will be at the record high 1,920.38.
The current downside supports are the trend line 1780 USD constituted by connections of the low points at July 1 and August 25, and the predicted minimum target level of 1,759.
The current long period of the uptrend is perfect. Gold turned to significant adjustment in the mid-term.
Trading suggestions:
The partial oscillation range is at 1885.70-1792.50. Trading around the upside and downside range could be considered when opening position.

Gold retreated and adjusted at the range

Market Reviews of the Previous Day:
During NY session on 12 September, the euro against the dollar retreated at low level since seven months.
It is said that Greek economic recession in 2011 may exceed the rate of 5%, increasing the difficulty of its financial constraint target. Germany may abandon the plan to aid Greece, adding investors' expectation toward the Greek debt default.
Foreign exchange market basically continued the previous technical trend.

September 12, international gold hit the two-week low. Stock prices and the dollar rose. As investors worried about other markets being affected by the European debt, gold was sold-off.

Key Economic Data and Events:
GMT+8 13:30 France Consumer Price Index (August);
GMT+8 16:30 UK Consumer Price Index (August);
Gold:
Gold opened at 1855.80 USD on 12 September, with intra-day Low at 1801.95 USD and intra-day High at 1862.19 USD, eventually closing at 1815.03 USD. Intra-day range of 60.24 USD was seen.

Gold fell on Monday. It adjusted at high level and fluctuated in short-term.

Suppose the partial channel was constructed at September 7 and September 12, the up moving range of which will reach1890. The further resistance will be at the record high 1,920.38.
The current downside supports are the trend line 1780 USD constituted by connections of the low points at July 1 and August 25, and the predicted minimum target level of 1,759.
The current long period of the uptrend is perfect. Gold turned to significant adjustment in the mid-term.
Trading suggestions:
The partial oscillation range is at 1885.90-1792.20. Trading around the upside and downside range could be considered when opening position.

Price fluctuated and market is waiting for the clear direction

Market Reviews of the Previous Day:
During NY session on 9, the euro against the dollar fell to its lowest level in more than six months, and it fell at a decade low against the yen. Since there were rumors that Greece would have debt default, and also Stark, the European Central Bank chief economist, has resigned from the bank under the Executive Committee. It showed that the central Bank board members had different point of view on how to resist the problems of the debt crisis.
The 447 billion employment policy launched by Obama showed that it should not be optimistic about the current economic situation. The concerns about the economic prospect created high market risk sentiment, supporting the dollar.
Foreign exchange market basically continued the previous major patterns in the technical trend.
The dollar index, the euro and the pound have been adjusted due to the large increase and decrease from June 2010. We should focus on the time and extent of the adjustment.
During this process there is a lot of fluctuation. It lacks a pattern with one-way movement. There are many constraints and uncertainties in the partial pattern.

September 9, international gold closed slightly lower. After retreating sharply, gold rebounded rapidly. The dollar went strong so that it suppressed the price of gold, but the stock market and commodities market tumbled which prompted investors to buy gold and other hedging assets.

Key Economic Data and Events:
GMT+8 09:30 Australia Trade Balance (July);
GMT+8 00:00 US Fed Fisher's speech (13 September).
Gold:
Gold opened at 1869.88 USD on 9 September, with intra-day Low at 1825.59 USD and intra-day High at 1885.48 USD, eventually closing at 1854.01 USD. Intra-day range of 59.89 USD was seen.

Gold fell rapidly in the European morning market last Friday. Then it rebounded due to the buying orders. The momentum appeared. The price closed with bearish candle with a long shadow in the daily chart.

The high adjustment in short-term and fluctuation were clear. The current long period of the uptrend is perfect. Gold turned to significant adjustment in the mid-term.
After confirming the whole pattern, we can observe the formation of partial adjustment, in order to facilitate the market continuity and the movement.
Trading suggestions:
The suggestion of last Friday maintained. Please beware of the trend line 1770 USD which constructed by the low points from 1 September and 25 August. The partial oscillation range is at 1920.38-1800.00. Investors could consider opening the position near the upside and downside range.

The dollar rebounded and gold retreated after reaching a record high

The recentmovements of the gold price were basicallydriven by market sentiment.After breaking above1, 900 USD from the end of August, market has been waiting for the price of 2,000. Coupled with the lack of obvious bearishfactors, gold tends to be easy to rise, but difficult to fall. Last Tuesday, the highest spot price rose to a new high of 1,921. The resistanceencounteredduring the movement was small, so the buying orders could easily push gold to a high price. After reaching a record highon Tuesday, gold fell slightly. When the dollarstrengthened, gold closed slightly lower, bringing a downwardadjustment on Wednesday. It fell from the high price 1,880 to 1,791with one-day decline of nearly90. It has rebounded to 1.870.50on Thursday, but the breaking momentumwas not sufficient. It was slightly up on Friday, but in the end due to the stronger dollar,gold finallyclosed at 1,858.on Friday.

The dollar rebounded significantly last week. The euro against the dollar continued the downward movement, with high level of 1.4290 on Tuesday. After that the dollar slipped every day, falling to 1.3630 on Friday. The dollar surged sharply against the hedging currency,Swiss franc, jumping from78.40to 86.30, an increase of almost 800 point. From the recent U.S. economic data andperformance, the U.S. economy does not pick up,but because of the worse capital marketexpectation in Europe, capital flew into the dollar. Swiss franc had been supported by capital inflows, but the Swiss central bank had to stop theSwiss franc continuing to rise. After a series of measures, investors closed the long position ofthe Swiss franc, and also sold it off due to fall of euro. In short-term, the dollar exchange rate in the foreign exchange marketcanbe stabilized and rise. However, can the strong dollar stop the test of gold reaching the target of 2,000.It is difficult to determine.

Observed from the chart, the price of gold did not form a new trend. On the chart there was only support of 1,780 could be measured, and only a target in the upward movement, but no resistance. The volatility this week is estimated at 1,780 to 1,920. As thedollarstrengthened, gold may not have high price in this week. But we should note that the recent trading volume of the gold market have increased significantly, showing the trading interests and emotions are high, which are more conducive to the rise of gold.
Silver is still underperforming the gold, and the high price was only at 43.35, not breaking the high levellast week. This week’s trend will follow the gold,but is still behind it. The volatility is estimated at 40 to 43.50.

Momentum appeared and gold rebounded

Market Reviews of the Previous Day:
During NY session on 8, the dollar oscillated against major currencies.
European Central Bank decided to keep interest rates unchanged, but Trichet said there were downside risks to the economy at a news conference . He showed the readiness to provide liquidity to the market at any time. It implied a pause to the raise of interest rate.
On the other side, Federal Reserve Chairman Ben Bernanke said the Fed has been trying to maintain the value of the dollar. The loose monetary policy will ultimately benefit the dollar of which the position will not change in a long period of time. Foreign exchange market basically continued the previous technical trend.
The dollar index, the euro and the pound have been adjusted due to the large increase and decrease from June 2010. We should focus on the time and extent of the adjustment.
During this process there is a lot of fluctuation. It lacks a pattern with one-way movement. There are many constraints and uncertainties in the partial pattern.

September 8, international gold closed sharply higher. On that day, the European Central Bank lowered the economic growth forecast for the Euro zone and the number of applicants for U.S. unemployment benefits increased. Currently investors are waiting for the U.S. President Barack Obama's speech on the release of the U.S. economy.

Key Economic Data and Events:
GMT+8 16:30 UK Producer Input Price Index (August);
GMT+8 19:00 Canada Unemployment Rate (August);
GMT+8 22:00 US Wholesale Inventories (July).
Gold:

Gold opened at 1817.83 USD on 8 September, with intra-day Low at 1813.91 USD and intra-day High at 1870.45 USD, eventually closing at 1869.8 USD. Intra-day range of 56.54 USD was seen.

Gold rose overnight. The upward momentum appeared. It closed with bullish candle in the daily chart, almost covering the large bearish candle from the previous day.
The current long period of the uptrend is perfect. Gold turned to significant adjustment in the mid-term.
Trading suggestions:
Please beware of the trend line 1770 USD which constructed by the low points from 1 September and 25 August. The partial oscillation range is at 1920.38-1800.00. Investors could consider opening the position near the upside and downside range.