Outlook: Gold refreshed its record high on Monday but retreated rapidly at closing. Price tended to sway sideway during the perion of consolidation, under the influences of inflation expectation and situation in the Middle East and North Africa.
Market Reviews of the Pervious Day:
During NY session on 7 Mar, EUR fell back as debt worries resumed. Yet interest hike expectation would continue to support the said currency. The sterling failed to breach the technical resistance and started to adjust.
Gold retreated rapidly at closing on 7 Mar. On the unrest continued in Lybia and the resulting jump in oil price, gold advanced further during the session. However downside momentum emerged at closing. Gold tended to sway sideway at high during the period of consolidation.
Key Economic Data and Events:
GMT+8 12:30 Japan Business Insolvency Rate (Feb)
GMT+8 13:00 Japan Economy Watchers Current Index (Feb)
GMT+8 14:45 Switzerland Adjusted Unemployment Rate (Feb)
GMT+8 15:30 French Production Outlook (Feb)
GMT+8 15:45 French Balance of Payments (Jan)
GMT+8 21:15 Canada New Resident Construction (Feb)
Gold:
Gold opened at 1432.45USD on 7 Mar, with intra-day Low at 1429.22 USD and intra-day High at 1444.70 USD, eventually closing at 1431.71 USD. Intra-day range of 15.48 USD was seen.
Gold refreshed its record high after struggling in a small range, but retreated sharply afterward on Monday, closing with a long upper shadow doji. Price tended to sway sideway.
The technical trend remained positive and firm. But sideway adjustments at high would continue. Support in the next stage would be around 1423 USD.
Trading suggestions:
At the moment gold is expected to adjust along the downside track below 1444 USD. The current short-term moving range should be within 1423-1440 USD. Investors should long at aroung 1424 USD with sideway trading strategy.
Silver: kept rally going, away from support
Silver opened at 35.93 USD on 7 Mar, with intra-day Low at 35.64 USD and intra-
day High at 36.74 USD, eventually closing at 35.93 USD. Intra-day range
of 1.10 USD was seen.
Silver retreated rapidly after flushing up on Monday, closing with a doji. The momentum was constrainted by two times the distance of wide range contructed since 02. Adjustment pattern formed at high level partially.
The technical trend remained positive and firm, but away from the lower support of 34.97 USD. Technically adjustment structure was not integrated.
Trading suggestions:
Investors should continue long-term strategy. Buying is suggested when price tests the support of 35 USD, with sideway trading within ranges.
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