Market Reviews of the Pervious Day:
During NY session on 4 April, euro retreated after triggering 5-month high as profit taking took place before the central bank meeting. Federal Reserve Bank of Atlanta President Dennis Lockhart said economic recovery facing headwinds, fading out previous hawkish comments from other officials. The speech of the Federal Reserve Chairman Bens S. Bernanke did not signify a contractionary tendency that interest hike was not likely to happen. The greenback was expected to remain feeble in the week.
Gold closed slightly higher on 4 Apr. Oil extended uprising streak, impliciting inflation expectation. In addition, political uprising deteriorated especially in Lybia. Gold headed upward to approach 1,440 USD on Monday, retreated on improved dallor index in the session and closed in green finally.
Key Economic Data and Events:
GMT+8 15:55 Germany Purchasing Manager’s Index Services (Mar)
GMT+8 16:00 Euro Zone Germany Purchasing Manager’s Index Services (Mar)
GMT+8 17:00 Euro Zone Retail Sales (Feb)
GMT+8 U.S. ISM Non-Manufacturing Index
Gold:
Gold opened at 1428.38 USD on 4 Apr, with intra-day Low at 1428.09 USD and intra-day High at 1438.73 USD, eventually closing at 1434.10 USD. Intra-day range of 10.64 USD was seen.
Gold closed slightly higher on Monday, retreated after testing the upper of the range. Sideway movement was seen in trading range.
Corrections reamained according to daily chart. Technical divergences would not alter until current pattern split to construct further upside track.
Gold is still on the track of long term uptrend but technical divergences, especially in MACD, were obviously seen. With reference to large upside retractment of Gold on August 2009, investors should be alert.
Trading suggestions:
Moderate longing is suggested. Slight upside potential would be developed if gold breaches the level of 1440 USD. While price may return to the upside trendline since 28 Jan of 1416 USD of further to the lower of the current range of 1410 USD. Trading sizes should be reduced with range trade strategy.
Silver: approaching pressure of trendline after breaking out
Silver opened at 37.83 USD on 4 Apr, with intra-day Low at 37.78 USD and intra-
day High at 38.60 USD, eventually closing at 38.60 USD. Intra-day range of 0.74 USD was seen.
Silver headed upward on Monday, closed with a bullish candlestick at the historical high. Uptrend remained in daily chart. Technical indicators improved but trend was approaching pressure from the connection of the highest on 7 Mar and 24 Mar.
Trading suggestions:
Investors should hold long orders in hand and search buying oppotunities after price breaches the connection of the highest on 7 Mar and 24 Mar. The upper target should be 41.50 USD.
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