Market Reviews of the Pervious Day:
During NY session on 30 Mar, euro elevated sideway as the European Central Bankboard member Lorenzo Bini Smaghisuggested a series of rate hikes. The sterling also rebounded within the wide range. It was expected that the ECB would increase interest rate by 25 bps on the meeting next Thursday (7 Apr).
Gold rallied in the session on 30 Mar. Crediting ratings of Portugal and Greece were further downgraded. And situation of Lybia deteriorated. Defensive buying supported the 30-day gold futures to end the loss streak. The decending greenback also had positive influence on the commodity.
Key Economic Data and Events:
GMT+8 15:55 Germany Unemployment Rate (Mar)
GMT+8 17:00 Euro Zone Consumer Price Index (Mar)
GMT+8 20:30 U.S. Weekly Initial Jobless Claims (26 Mar)
GMT+8 20:30 Canada GDP (Jan) Previous: 0.5%/month, 3.2%/year
GMT+8 21:45 U.S. Chicago Purchasing Manager's Index (Mar)
GMT+8 22:00 U.S. Industrial Orders (Feb)
Gold:
Gold opened at1418.63USD on 30 Mar, with intra-day Low at1412.42USD and intra-day High at 1430.07USD, eventually closing at 1422.80USD. Intra-day range of 17.65USD was seen.
Gold retested the lower support on Wednesday and closed slightly higher, quiting the 4-session losing streak.
Lowered price lured certain buying. Technical support as well as buying on dip supported gold to rally.
Gold is still on the track of long term uptrend but short term correction still remains according to the daily chart. Previous dispersive correction was unstablehence there was no major direction in the market.
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 to be alert in times of oscillation, holding long or buying moderately at appropriate supporting level.
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