Daily Gold Review: http://www.hx9999.com/en/trend_690.html
Market Reviews of the Pervious Day:
During NY session on 20 Apr, on downgrade of the U.S. credit rating outlook, the dollar index which measured performance of the greenback agains a basket of currencies dropped to 74.46. Risk appetite was buoyed with stronger stock markets. In addition, Greece finance minister said no debt restructuring would occur for the state, extending gains of euro against dollar.
Gold settled in green on 20 Apr, supporting by weakening greenback, rebounding oil price, European debt woes, etc. The commodty rose to breach the level of 1500 USD, hitting intraday record as the previous 3 sessions.
Key Economic Data and Events:
GMT+8 16:00 Germany IFO Business Climate Index (Apr)
GMT+8 16:30 U.K. Retail Sales (Mar)
GMT+8 20:30 Canada Retail Sales (Feb)
GMT+8 20:30 U.S. Weekly Initial Jobless Claims (16 Apr)
GMT+8 22:00 U.S. Conference Board Leading Indicator (Mar)
Gold:
Gold opened at 1495.77 USD on 20 Apr, with intra-day Low at 1493.10 USD and intra-day High at 1505.80 USD, eventually closing at 1501.97 USD. Intra-day range of 12.70 USD was seen.
Gold extended uptrend on Wednesday as dollar fell sharply and threaten of inflation continued to increase. Trend headed upward during the Asian session, quoting 1507 USD.
Technically upside patterns were seen in both hourly and daily charts. Yet correction might occur in short run.
Upside range since 1 Apr stayed firm. Uptrend remained so trade with trend was recommended.
Trading suggestions:
Investors should continue long-term strategy and hold long positions. Morderate buying is suggested if gold rebounds to 1500 USD.
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