Market Reviews of the Pervious Day:
During NY session on 31 Mar, the greenback climbed on signal of interest hike from the Federal Reserve. Euro retreated from the 5-month high while other commodity-linked currencies continued the bullish trends.
Gold settled in green on 31 Mar. Defensive demand lifted for the deteriorating Lybia’s situation and resumed European debt crisis. Major central banks were likely to increase rates, which raised investment cost of the commodity. Yet fundamental conditions were still favourable on inflation risk implicited by the current worldwide economic as well as political circumtances.
Key Economic Data and Events:
GMT+8 20:30 U.S. Non-farm Employment Change (Mar)
GMT+8 20:30 U.S. Unemployment Rate (Mar)
GMT+8 22:00 U.S. Construction Spending (Feb)
GMT+8 22:00 U.S. ISM Manufacturing Index (Mar)
Gold:
Gold opened at 1422.97 USD on 31 Mar, with intra-day Low at 1420.68 USD and intra-day High at 1439.36 USD, eventually closing at 1431.71 USD. Intra-day range of 17.65 USD was seen.
Gold rallied from the key supporting level on Thursday. Inverse head & shoulder appeared obviously in the daily chart.
Stress test showed the Bank of Ireland in worse status, deepened the European debt woes. Meanwhile situation in Lybia was deteriorating. Gold headed higher and closed in green in the session with the support of safe haven buying.
Gold is still on the track of long term uptrend but short term correction still remains according to the daily chart. Improvements in technical indicators were not clearly signified and MACD divergence extended.
Currently the major supports should be distributed about the previous low levels and the upside trendline of 1410-1407 USD since 28 Jan.
Trading suggestions:
Investors should keep alert in times of oscillation and continue range trade strategy. Day range should be within 1440-1420 USD.
Silver: approaching previous upper pressure
Silver opened at 37. 37 USD on 31 Mar, with intra-day Low at 37. 45 USD and intra-
day High at 37. 95 USD, eventually closing at 37. 64 USD. Intra-day range
of 0. 50 USD was seen.
Silver extended correction pattern on Wednesday, rebounded slightly in short-term within smaller range.
The moving average parallels the daily chart, yet technical indicators diversed with the upside trend. MACD Divergence was obviously seen.
Correction was expected to continue. The current moving range should be within 36.40-38.14 USD.
Next support should be distributed at about the upside trendline of 35.80 USD since 28 Jan.
Trading suggestions:
Trading range remains to be within 36.40-38.14 USD. Investors should continued sideway trading strategy.
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