Market Reviews of the Pervious Day:
During NY session on 5 April, the greenback moved sideway. Euro remained to consolidate at high level while the sterling rebounded sharply. The People’s Bank of China increased rate by 35 bps unexpectedly, further pressing down AUD.
Gold closed sharply higher on 5 Apr, breaking the historical highest. Interest hike in China brought tentative pressure. Yet European debt woes extended and situation in Lybia deteriorted. Gold soared to trigger pressure from trendline.
Key Economic Data and Events:
GMT+8 13:00 Japan Leading Indicators (Feb)
GMT+8 16:30 U.K. Industrial Production (Feb)
GMT+8 16:30 U.K. Manufacturing Production Index (Feb) Previous: 1.0%/month, 6.8%/year
GMT+8 17:00 Euro Zone GDP (4th Q)
GMT+8 Germany Manufacturing Orders (Feb)
GMT+8 Canada Ivey Purchasing Manager’s Index (Mar)
Gold:
Gold opened at 1434.05 USD on 5 Apr, with intra-day Low at 1430.13 USD and intra-day High at 1457.00 USD, eventually closing at 1456.38 USD. Intra-day range of 26.87 USD was seen.
Gold soared on Tuesday, breached the continuation of the previous historical high and the bottom of head and shoulder, closing wiht a long bullish candlestick. Yet it should be noticed that gold could not break though after triggering the connection between the highest on 9 Nov and 7 Dec last year. Further upside potential should not be developed until the commodity breached the level of 1458 USD.
There was apparent upside trend according to daily chart while technical indicators had been recovering.
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. Further upside potential would be developed if gold breaches the level of 1458 USD. Investors should look for buying opportunity afterwards.
Silver: record high triggered and further upside track constructed
Silver opened at 38.59 USD on 4 Apr, with intra-day Low at 38.09 USD and intra-
day High at 39.31 USD, eventually closing at 39.30 USD. Intra-day range of 1.22 USD was seen.
Silver boosted on Tuesday. The commodity rised vertically during part of the session and broke the historical high. Technical indical further improved. Upside trake moved forward as the commodity had breached the connection of the highest on 7 Mar and 24 Mar.
Trading suggestions
Investors should hold long orders in hand and look for buying oppotunities after price breaches the connection of the highest on 7 Mar and 24 Mar (expected to be 39 USD). The upper target should be 41 USD.
No comments:
Post a Comment