Daily Gold Review: http://www.hx9999.com/en/trend_679.html
Market Reviews of the Pervious Day:
During NY session on 13 April, performance of the greenback mixed on impressive economic data and downgrade of Japan's expected economic growth. Euro and yen slided and the former was expected to adjust gradually.
Gold closed in green on 13 Apr on rebounding oil price and floor buying. During the session price gained support as oil rallied. Yet the uptrend was pressed by the stronger greenback and retreated at closing, ended slightly higher.
Key Economic Data and Events:
GMT+8 16:00 Euro Zone ECB's Monthly Report (Apr)
GMT+8 17:00 Switzerland ZEW Investor Confidence Index (Apr)
GMT+8 20:30 Canada Manafacturing Orders (Feb)
GMT+8 20:30 U.S. Producer Price Index (Mar)
GMT+8 20:30 U.S. Weekly Initial Jobless Claims (9 Apr)
Gold:
Gold opened at 1453.28 USD on 13 Apr, with intra-day Low at 1451.60 USD and intra-day High at 1462.35 USD, eventually closing at 1457.41 USD. Intra-day range of 10.75 USD was seen.
Gold fluctuated in technical range on Wednesday. Selling pressure existed on the upper side of the trading range, closing in a short bullish candlestick with upper shadow.
Unrest among North Africa and Middle East extended and European debt woes remained. Gold gained support from safe haven buying but was under pressure of the stronger dollar, closing slightly higher.
Technically gold waspredicted to have a correction for the upside market on 28 Mar. Price should move sideway within range 1465-1440 USD, which was between the connection of the highest of 9 Nov and 7 Dec last year and the recent head and shoulders bottom.
There was apparent upside trend according to daily chart but oscillation should occur in short run. Potential divergence of MACD was distinct.
Trading suggestions:
Existing strategy should continue within range of 1465-1440 USD. As short-term uptrend ended correction is expected to remain.
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