Daily Gold Review: http://www.hx9999.com/en/trend_602.html
Price momentums shifted downward on Thursday. It seems that adjustments at high level was taking place. The overall upside trend of MA had not changed.
Market Reviews of the Pervious Day:
During NY session on 24 Feb, market was more alert to the situation of the Middle East. The greenback sinked while Eur hit its 3-week record high. Swiss Franc even breached the record high level. Yen appreciated against but USD and EUR. The Minors would continue the trend of moving sideways with strong range volatility for one to two years while the greenback was likely to perform a retracement during the process. In associate with the sideway movements of various currency pairs, the U.S. dollar index performed a sideway movement with downside bias, which conducted as a preparation for its surge and the recovery of U.S. economy after entering the interest rate rising cycle. Prior to the said forecast, the greenback would perform a bearish trend.
Gold ended in red on Feb 24. Market fluctuated due to rumours of Libyan leader Muammar Gaddafi being shot, easing the worries about oil supply. Gold plunged at the latest of the NY session as preservation funds left and oil price retreated. The rising trend in the past 7 days came to an end with the red close. Gold continued trading sideways within wide ranges while the mid-term adjustment may end.
Key Economic Data and Events:
GMT+8 17:30 U.K. GDP (4th Q)
GMT+8 18:30 Switzerland KOF Leading Indicator (Feb)
GMT+8 21:30 U.S. GDP (4th Q)
GMT+8 22:55 U.S. University of Michigan Consumer Sentiment Index (Jan)
Gold:
Gold opened at 1398.74 USD on 23 Feb, with intra-day Low at 1395.50 USD and intra-day High at 1418.07 USD, eventually closing at 1402.50 USD. Intra-day range of 22.93 USD was seen.
Gold moved along the lower of the range of 1408-1423.63 USD on Thursday. Momentums were forced to shift as price jumped at the close order, closing with medium bearish candlestick.
Gold should experience certain adjustments as said in the previous day. Yet the overall upside pattern of te MA had not changed. The current range widened to 1393-1423.63 USD.
The mid-term adjustment of gold may end, and bullish trend with sideway trading would trigger. Investor should long gold for mid-long term, and adjust the trading strategy gradually.
Trading suggestions:
The short-term range widened to 1393-1424 USD. Investors should continued to long at the lower of ranges. Trading sizes should be contracted as no rallying pattern was seen at high level in the short run at the moment.
Silver: upward trend unchanged but uncertainties in the short run
Silver opened at 33.54 USD on 24 Feb, with intra-day Low at 31.76 USD and intra-
day High at 33.76 USD, eventually closing at 32.17 USD. 2.00 USD intra-day range
was seen.
Silver retreated dramatically on Thursday, closing with long bearish candlestick. Yet the upward trend of the MA remained unchanged. The top and bottom of sideway structure constructed since 16 Nov, 2010 supported the level of 31.22 USD.
The movement of 4-hour chart composed the shape of reverting of the flag, reducing the downward pressure and indicating the probability of rebound. At the moment the trend was not clarified.
The commodity would be favoured if some subordinated pattern of the MA could develop around the level 32.20 USD. Else some adjustments might take places.
In short silver could reach 37-38 USD if only it could breach the upside range started from 24 Aug, 2010.
Trading Suggestions:
Investors could test the level of 32 USD with small buying orders. The long-term strategy at the lower of ranges should continue while profit taking tactics was needed. The next testing level could be 31.22 USD if the flag shape failed to revert.
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