Daily Gold Review: http://www.hx9999.com/en/trend_688.html
Market Reviews of the Pervious Day:
During NY session on 19 Apr, European Central Bank was expected to hike interest despite countries of Euro Zone such as Greece were still in the trouble water of credit risk, supporting euro to rebound sharply.
Gold had another green end on 19 Apr. Defensive demand flowed in with deteriorating debt woes among the U.S. and Europe. And also the dollar was vulnerable. Gold futures continued to rise and once breach the important psychological level of 1500 USD during the session.
Key Economic Data and Events:
Japan� Provisional Trade Statistics (Mar), Tertiary Index (Feb)
Australia� Westpac – Melbourne Institute Index of Economic Activity Report (Feb), Import & Export Price Index (1st Q)
U.K.� Minutes of Bank of England Monetary Policy Commitee Meeting
Europe� European Central Bank Governing Council Meeting, European Union 2012 Budgets
U.S.� Mortgage Bankers Association Index of Mortgage Application Activity, Existing-Home Sales, Energy Information Administration Petroleum Report
Gold:
Gold opened at 1494.80 USD on 19 Apr, with intra-day Low at 1487.75 USD and intra-day High at 1498.76 USD, eventually closing at 1495.94 USD. Intra-day range of 11.01 USD was seen.
Gold slightly corrected on Tuesday, closing at another record. Short-term progress should continue according to subordinate pattern of hourly chart.
Soaring Oil and grain prices led to increasing inflation worries. Defensive demand flowed in as European debt problem remained. The U.S. credit risk also supported gold price to extend the uptrend.
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 at 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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