Daily Gold Review: http://www.hx9999.com/en/trend_686.html
Market Reviews of the Pervious Day:
During NY session on 18 Apr, defensive demand soared due to European debt woes and the U.S. outlook being downgraded. The greenback rose sharply against the majorities including euro. Part of the currenies performedvolatile.
Gold ended much higher on 18 Apr. S.&P. Lowered the outlook of the U.S. credit rating from "stable" to "negative", arousing fears among financial status of the state. In addition, market eyed on the European debt crisis and inflation in China.
Key Economic Data and Events:
GMT+8 15:30 Germany Manufactoring Purchasing Manager Index (Apr)
GMT+8 16:00 Euro Zone Manufactoring Purchasing Manager Index (Apr)
GMT+8 17:00 Euro Zone Construction Spending (Feb)
GMT+8 19:00 Canada Consumer Price Index (Mar)
GMT+8 20:30 Canada Wholesale sales (Feb)
GMT+8 20:30 U.S. Housing Starts (Mar)
GMT+8 20:30 U.S. Building Permits (Mar)
Gold:
Gold opened at 1486.85 USD on 18 Apr, with intra-day Low at 1477.82 USD and intra-day High at 1497.76 USD, eventually closing at 1494.82 USD. Intra-day range of 19.94 USD was seen.
Gold extended upside track on Monday. After testing the support of moving averagepriceupmovedagain.Uptrend continued according to daily chart and upside range since 1 Apr was completed.
The outlook of the largest economy in the world being downgraded increased the investment value of precious metals. Massing capital inflow pushed up gold price during the session. The European debt woes and inflation fears also continued to support the commodity.
Technically upside patterns were seen in both hourly and daily charts. Trend remainedand seemedno reversal at this moment.So trade with trend was recommended.
At the moment lower support should be about 1488 USD.
Trading suggestions:
Investors should continue long-term strategy and hold long positions. Morderate buying is suggested if gold rebounds to 1488 USD.
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