Daily Gold Review (2011.06.01): http://www.hx9999.com/en/trend_755.html
Market Reviews of the Pervious Day:
During NY session on 31 May, dollar index fluctuated downward while minorities diversed. On depressive economic data and possible commitment of financial aid to Greece, the greenback tumbled against euro and Cad. Contnuation of sowntrend of dollar index was under observation.
Gold closed slightly lower on 31 May as safe haven buying lessened. Partially the wave 5 also influenced to weaken the commodity that failed to test the upper of moving range.
Key Economic Data and Events:
GMT+8 15:30 Switzerland SVME Purchasing Manager’s Index (May)
GMT+8 15:55 Germany Manufacturing Purchasing Manager’s Index (May)
GMT+8 16:00 Euro Zone Manufacturing Purchasing Manager’s Index (May)
GMT+8 16:30 U.K. Manufacturing Purchasing Manager’s Index (May)
GMT+8 22:00 U.S. Construction Spending (Apr)
GMT+8 22:00 U.S. Insititute for Supply Management Manufacturing Index (May)
Gold:
Gold opened at 1538.03 USD on 31 May, with intra-day Low at 1532.38 USD and intra-day High at 1540.90 USD, eventually closing at 1535.05 USD. Intra-day range of 8.52 USD was seen.
On Tuesday range narrowed. Expectation on Greeck successfully seeking financial aid reduced debt restructure woes and hence defensive demand. Price matched the technical trend of wave 5 and closed slightly lower.
Reversal momentum was not seen though the commodity retreated. Currently price was correcting at upper and supports were located at 1532 and 1526 USD.
Uncertainties existed as pattern in long run and medium run diverged. Long-term strategy should dominate as long run uptrend remained.
While in the medium-short run the commodity was trading in wide range oscillation. Wide range should be located between 1460-1576 USD.
Trading suggestions:
Long positions may be suggested to place a trailing stop or limit order to lock in the profit. Movement within wide range should be awared. Opportunities for selling would be available if upper of range is breached and price heads to 1576 USD.
Silver: short-term correction after wave 5
Silver opened at 38.11 USD on 31 May, with intra-day Low at 37.97 USD and intra-day High at 38.76 USD, eventually closing at 38.45 USD. Intra-day range of 0.79 USD was seen.
Silver failed to test the upper pressure under 38.85 USD and retreated below the level. Patially wave 5 was seen and correction should be possible.
At the moment price stayed above moving average. Convergence tended to occur in daily chart. the commodity might test the levels of 38.85 and 39.50 USD.
If the key resistance of 39.50 USD was breached price would approach to the level of 42 USD. Distribution of critical points should be awared.
Overall sideway correction pattern should take longer.
Trading suggestions:
Potential moving range has shifted upside to 32.40-39.50 USD and range trade strategy should continue. Investors should notice to trading size and dip buying is recommended.
Tuesday, May 31, 2011
HXPM Gold market reviews on 31 May, 2011: Volumn declined and oscillation remained
Daily Gold Review (2011.05.31): http://www.hx9999.com/en/trend_753.html
Market Reviews of the Pervious Day:
During NY session on 30 May, dollar index fluctuated in narrow range. The U.S.
Gold closed slightly higher on 30 May and range narrowed. The uncertainties of Greek situation stimulated defensive demand. Technical trend extended and upside sideway movement continued.
Key Economic Data and Events:
GMT+8 17:00 Euro Zone Consumer Price Index (May)
GMT+8 21:00 Canada
GMT+8 21:45 U.S.
GMT+8 22:00 U.S.
Gold:
Gold opened at 1536.65 USD on 30 May, with intra-day Low at 1534.48 USD and intra-day High at 1539.21 USD, eventually closing at 1538.03 USD. Intra-day range of 4.73 USD was seen.
On Monday range narrowed and volumn declined. In the early Asian session, gold hit the recent highest in the current rebound. Short-term correction was seen at upper in hourly chart.
Although gold reached the resistance of the channel and was running at wave 5 , it was not recommended to buy the rally. At the moment no reversal momentum was seen and price stayed above the moving average. There was no signal that the current upside sideway pattern would change.
Uncertainties existed as pattern in long run and medium run diverged. Long-term strategy should dominate as long run uptrend remained.
While in the medium-short run the commodity was trading in wide range oscillation. Wide range should be located between 1460-1576 USD. There was room to go higher if the upper of range was broken.
Trading suggestions:
Investors should observe the overall sentiment, especially movement within wide range. Long positions may be suggested to place a trailing stop or limit order to lock in the profit. Small size selling is recommended if gold approaches stronger reversal momentum when testing the potential resistance of flag, say in case of a long bearish candlestick seen.
Silver: volumn declined and oscillation remained
Silver opened at 38.02 USD on 30 May, with intra-day Low at 37.82 USD and intra-day High at 38.39 USD, eventually closing at 38.087 USD. Intra-day range of 0.57 USD was seen.
Moving range since last Thursday narrowed, closing in short doji. Closing price stayed above the moving average.
Moving average tended to converge according to daily chart. The commodity was likely to test the level of 38.85 and 39.50 USD.
If the key resistance of 39.50 USD was breached price would approach to the level of 42 USD. Distribution of critical points should be awared.
Overall sideway correction pattern should take longer.
Trading suggestions:
Potential moving range has shifted upside to 32.40-39.50 USD and range trade strategy should continue. Investors should aware of trading size and dip buying is recommended.
Monday, May 30, 2011
HXPM Gold market reviews on 30 May, 2011: Closing in green, upside oscillation remained
Daily Gold Review (2011.05.30): http://www.hx9999.com/en/trend_750.html
Market Reviews of the Pervious Day:
During NY session on 27 May, dollar index tumbled on depressive economic data arousing woes among continuous loose monetary policy. Technical pattern matched with market sentiment. The continuity of downtrend of dollar index was under observation.
Gold ended in green on 27 May. Defensive demand arised on Greece financial crisis. Weakening greenback also favoured the commodity. Technical trend extended and upside oscillation continued.
Key Economic Data and Events:
U.S., U.K. Public Holiday
GMT+8 14:00 Germany Retail Sales (Apr)
GMT+8 20:30 Canada GDP (Mar)
Gold:
Gold opened at 1518.62 USD on 27 May, with intra-day Low at 1518.30 USD and intra-day High at 1538.35 USD, eventually closing at 1536.20 USD. Intra-day range of 20.05 USD was seen.
Gold ended in green on Friday and approached the upper of flag earlier than expected, closing almost the highest.
Although gold reached the resistance of the channel and was running at wave 5 , it was not recommended to buy the rally. At the moment no reversal momentum was seen and price stayed above the moving average. There was no signal that the current upside sideway pattern would change.
Uncertainties existed as pattern in long run and medium run diverged. Long-term strategy should dominate as long run uptrend remained.
While in the medium-short run the commodity was trading in wide range oscillation. Wide range should be located between 1460-1576 USD. There was room to go higher if the upper of range was broken.
Trading suggestions:
Investors should observe the overall sentiment, especially movement within wide range. Long positions may be suggested to place a trailing stop or limit order to lock in the profit. Small size selling is recommended if gold approaches stronger reversal momemtum when testing the potential resistance of flag.
Silver: closing in green, upside oscillation
Silver opened at 37.23 USD on 27 May, with intra-day Low at 37.16 USD and intra-day High at 38.19 USD, eventually closing at 37.97 USD. Intra-day range of 1.03 USD was seen.
Silver closed slightly higher on Friday, closing with a short bearish candlestick. Movement was restricted within the range of previous session while closing price stayed above the moving average.
Moving average tended to converge according to daily chart. The commodity was likely to test the level of 38.85 and 39.50 USD.
If the key resistance of 39.50 USD was breached price would approach to the level of 42 USD. Distribution of critical points should be awared.
Overall sideway correction pattern should take longer.
Trading suggestions:
Potential moving range has shifted upside to 32.40-39.50 USD and range trade strategy should continue. Investors should notice to trading size and dip buying is recommended.
HXPM Gold Weekly Gold Review 110530: Reversed on dip yet silver relatively weak
Weekly Gold Review (2011.05.30): http://www.hx9999.com/en/comment_week_749.html
Last week the metals recovered upon supporting levels. On the whole gold stepped upward and technical weakness diminished. Since Monday gold had moved from the weekly low, falling to the lowest of 1,503.8 USD. Dip buying was seen at 1,505 USD to pushed the commodity back to 1,517.60 USD. The key support was found at 1,510 USD on Tuesday and the level had stayed for the remaining sessions in the week. Price tended to test the upper resistance as sentiment changed on Wednesday, with a session high of 1,532.20 at which exceeded the resistance of 1,530 USD. The day high of Thursday and Friday were 1530.60 and 1538.30 USD respectively, closing at 1,536 USD, the upper of trend.
Silver performed relatively weaker. Momentum remained unstable later last week though support was found on dip. On Monday the commodity moved within narrow range. Sentiment still confused and no keen dip buying was seen. The range was as narrow as 1 dollar between 34.35-35.35 USD. Along the trend of gold silver also returned to the upper on Wednesday and tested the key resistance of 38 USD. The day high of Thursday was 38.85 USD but no further pressure was tested in next session, closing at 37.89 USD finally.
Besides technical factors, the trend of greenback retreating also contributed to the recovery of sentiment of the metals. Dollar index continued to decline from the highest of 76.36 on Monday to the lowest of 74.75 on Friday. While euro fell in the early of the week and then reversed, from the lowest of 1.3970 on Monday to the highest of 1.4320 on Friday. Commodity prices gained on the weakening dollar.
Technically both gold and silver tended to approach higher along the uptrends last week. Under the condition that status of the greenback remained, prices of the metals would test the further levels of resistance and support. Moving range of gold and silver should be at 1,510-1,560 and 35-40 USD respectively. Unfavorable factors remained to be the possibly stronger dollar and potential interest hike.
HXPM Gold market reviews on 27 May, 2011: Slightly retreated while upside momentum remained
Daily Gold Review (2011.05.27): http://www.hx9999.com/en/trend_747.html
Market Reviews of the Pervious Day:
During NY session on 26 May, dollar index fluctuated and finally moved downward along range. Tentatively depressive U.S. economic growth and employment data overcame the impact of European debt crisis. Trend and stability of moving range was under observation.
Gold continued to decline on 36 May, hindered by the sharply falling euro on financial crisis among the zone. Yet support from safe haven buying was seen. Overall pattern remained and trend tended to move towards the upper of rebounding range.
Key Economic Data and Events:
GMT+8 17:00 Euro Zone Industrial Business Climate Index (May)
GMT+8 17:30 Switzerland KOF Leading Indicator (May)
GMT+8 20:30 U.S. Personal Income (Apr)
GMT+8 21:55 U.S. University of Michigan Consumer Sentiment Index (May)
GMT+8 22:00 U.S. Pending Home Sales (Apr)
Gold:
Gold opened at 1525.41 USD on 26 May, with intra-day Low at 1514.89 USD and intra-day High at 1531.07 USD, eventually closing at 1518.84 USD. Intra-day range of 16.18 USD was seen.
Gold continued to decline on Thursday, closing with a short bearish candlestick. Price reversed upward during the early Asian session, quoting 1524.82 USD.
Price stayed above the moving average that upside momentum should still remain, tending to test 1540 USD at which the upper of range since 5 May.
Uncertainties existed as pattern in long run and medium run diverged. Long-term strategy should dominate as long run uptrend remained.
While in the medium-short run the commodity was trading in wide range oscillation. Wide range should be located between 1460-1576 USD. Partially potential pressure should be distributed at 1526 and 1540 USD.
Trading suggestions:
Investors should observe the overall sentiment, especially movement within wide range. Long positions may be suggested to place a trailing stop or limit order to lock in the profit. Small size selling is recommended if gold approaches stronger reversal momemtum when testing the resistance of flag at 1540 USD.
Silver: slightly retreated while upside momentum remained
Silver opened at 37.90 USD on 26 May, with intra-day Low at 36.34 USD and intra-day High at 38.85 USD, eventually closing at 37.28 USD. Intra-day range of 2.51 USD was seen.
Silver retreated sharply below the upper of wide moving range. Sideway movement was seen in short run.
Moving average tended to converge according to daily chart. The commodity should continue to move upside toward upper of range if downside support of 36.28 USD remained.
Partially key resistance was located at 39.50 USD in daily chart.
Overall sideway correction pattern should take longer.
Trading suggestions:
Potential moving range has shifted upside to 32.40-39.50 USD and range trade strategy should continue. Investors should notice to trading size and dip buying is recommended.
Thursday, May 26, 2011
HXPM Gold market reviews on 26 May, 2011: Stronger upside momentum seen as price stayed upon MA
Daily Gold Review (2011.05.26): http://www.hx9999.com/en/index.html
Market Reviews of the Pervious Day:
During NY session on 25 May, dollar index declined in choppy pattern. The comment of a possible interest hike by the Bank of England supported the sterling and hence the minorities to rise against the greenback. The trend and stablility of moving range was under observation.
Gold slightly retreated on 25 May. On defensive sentiment and declining greenback gold had extended gain for 4 consecutive sessions. Yet some adjustment occured at rally. Trend tended to head toward the upper of the rebounding range.
Key Economic Data and Events:
GMT+8 14:00 Germany GFK Consumer Confidence Index (Jun)
GMT+8 14:00 Switzerland Balance of Payments (Apr)
GMT+8 14:45 France Consumer Confidence Index (May)
GMT+8 15:15 Switzerland Employment rate (1st Q)
GMT+8 20:30 U.S. GDP (1st Q)
GMT+8 20:30 U.S. Weekly Initial Jobless Claims (21 May)
Gold:
Gold opened at 1526.57 USD on 25 May, with intra-day Low at 1521.49 USD and intra-day High at 1532.07 USD, eventually closing at 1525.33 USD. Intra-day range of 10.58 USD was seen.
Momentum weakened after rallied. Price was consolidating at about 1526 USD.
The nearest structural support had been located at between 1463-1472 USD, and next support at 1447-1430 USD. The commodity was trading in choppy consolidation in daily chart within wide range of 1460-1576 USD.
Yet potential resistances existed in wide range at the levels of 1526 and 1537.20 USD.
Market was lack of clear direction since the downside of gold was limited while the resistance remained strong.
Currently price stayed upon moving average according to daily chart and tended to continue to test the upper resistances.
Trading suggestions:
Investors should observe the overall momentum, especially movement within wide range. Long positions may be suggested to place a trailing stop or limit order to lock in the profit. Small size selling is recommended if gold tests the resistance of flag at 1537.20 USD.
Silver: stronger upside momentum seen as price stayed upon MA
Silver opened at 36.67 USD on 25 May, with intra-day Low at 36.28 USD and intra-day High at 37.98 USD, eventually closing at 37.89 USD. Intra-day range of 1.70 USD was seen.
Silver continued to reverse upward on Wednesday. During the Asian session price tested the resistance of moving average, quoting 38.20 USD.
Upside sideway pattern was seen in both hourly chart and 4-hour chart.
In hourly chart key resistance should be located at 39.50 USD.
Trading suggestions:
Potential moving range has shifted to 32.40-39.50 USD and range trade strategy should continue. Investors should notice to trading size and dip buying is recommended.
Any opinions, news, research, analyses, prices or other information are provided as general market commentary and does not constitute investment advice. This website will not undertake liability for any loss or damage, including but not limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. Trading on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose.
Market Reviews of the Pervious Day:
During NY session on 25 May, dollar index declined in choppy pattern. The comment of a possible interest hike by the Bank of England supported the sterling and hence the minorities to rise against the greenback. The trend and stablility of moving range was under observation.
Gold slightly retreated on 25 May. On defensive sentiment and declining greenback gold had extended gain for 4 consecutive sessions. Yet some adjustment occured at rally. Trend tended to head toward the upper of the rebounding range.
Key Economic Data and Events:
GMT+8 14:00 Germany GFK Consumer Confidence Index (Jun)
GMT+8 14:00 Switzerland Balance of Payments (Apr)
GMT+8 14:45 France Consumer Confidence Index (May)
GMT+8 15:15 Switzerland Employment rate (1st Q)
GMT+8 20:30 U.S. GDP (1st Q)
GMT+8 20:30 U.S. Weekly Initial Jobless Claims (21 May)
Gold:
Gold opened at 1526.57 USD on 25 May, with intra-day Low at 1521.49 USD and intra-day High at 1532.07 USD, eventually closing at 1525.33 USD. Intra-day range of 10.58 USD was seen.
Momentum weakened after rallied. Price was consolidating at about 1526 USD.
The nearest structural support had been located at between 1463-1472 USD, and next support at 1447-1430 USD. The commodity was trading in choppy consolidation in daily chart within wide range of 1460-1576 USD.
Yet potential resistances existed in wide range at the levels of 1526 and 1537.20 USD.
Market was lack of clear direction since the downside of gold was limited while the resistance remained strong.
Currently price stayed upon moving average according to daily chart and tended to continue to test the upper resistances.
Trading suggestions:
Investors should observe the overall momentum, especially movement within wide range. Long positions may be suggested to place a trailing stop or limit order to lock in the profit. Small size selling is recommended if gold tests the resistance of flag at 1537.20 USD.
Silver: stronger upside momentum seen as price stayed upon MA
Silver opened at 36.67 USD on 25 May, with intra-day Low at 36.28 USD and intra-day High at 37.98 USD, eventually closing at 37.89 USD. Intra-day range of 1.70 USD was seen.
Silver continued to reverse upward on Wednesday. During the Asian session price tested the resistance of moving average, quoting 38.20 USD.
Upside sideway pattern was seen in both hourly chart and 4-hour chart.
In hourly chart key resistance should be located at 39.50 USD.
Trading suggestions:
Potential moving range has shifted to 32.40-39.50 USD and range trade strategy should continue. Investors should notice to trading size and dip buying is recommended.
Any opinions, news, research, analyses, prices or other information are provided as general market commentary and does not constitute investment advice. This website will not undertake liability for any loss or damage, including but not limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. Trading on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose.
Wednesday, May 25, 2011
HXPM Gold market reviews on 25 May, 2011: Continued to recover but momentum weakened
Daily Gold Review (2011.05.25): http://www.hx9999.com/en/index.html
Market Reviews of the Pervious Day:
During NY session on 24 May, euro reversed while dollar index retreated. Trend and stability of moving range should be under observation.
Gold closed in green on 24 May. Greece finacial crisis remained unsolved lifted defensive demand. Gold price gained support from the weakening greenback and tended to move towards the rebounding range.
Key Economic Data and Events:
GMT+8 08:30 Australia Westpac Leading Indicator (Mar)
GMT+8 09:00 Australia Consumer Inflation expectation (May)
GMT+8 16:30 U.K. GDP (1st Q)
GMT+8 20:30 U.S. Durable Orders (Apr)
Gold:
Gold opened at 1516.78 USD on 24 May, with intra-day Low at 1513.10 USD and intra-day High at 1527.76 USD, eventually closing at 1526.82 USD. Intra-day range of 14.66 USD was seen.
Gold settled slightly higher on Tuesday. Gains extended on factors including deteriorating European debt crisis, sharply recovering oil price and declining U.S. economic data.
The nearest structural support had been located at between 1463-1472 USD, and next support at 1447-1430 USD. The commodity was trading in choppy consolidation in daily chart within wide range of 1460-1576 USD.
Yet potential resistances existed in wide range at the levels of 1526 and 1537.20 USD.
Market was lack of clear direction since the downside of gold was limited while the resistance remained strong.
Trading suggestions:
Investors should observe the overall momentum, especially movement within wide range. Long positions may be suggested to place a trailing stop or limit order to lock in the profit. Small size selling is recommended if gold tests the resistance of flag at 1537.20 USD.
Silver: continue to recover but momentum weakened
Silver opened at 35.10 USD on 23 May, with intra-day Low at 34.87 USD and intra-day High at 36.69 USD, eventually closing at 36.67 USD. Intra-day range of 1.82 USD was seen.
Silver broke the narrowed range in 4-hour chart and formation of pattern completed. The said partial of target was fulfilled.
Price would move upside towards 38 USD if the level of 37.10 USD was breached, or test the lower support of 35.70 USD if returned to the level or 36.45 USD.
For the previous sharp decline market panic and mild technical recovery tended to make up the coming moving pattern. The downfall since 50 USD seemed to be the initial of correction. The current trend should be considered as a horizontal adjustment rather than a strong upside momemtum.
Overall process would take longer and should be diverse with gold.
Trading suggestions:
Potential moving range is located at 32.40-38.30 USD and range trade strategy should continue. According to partial of trend small size selling is recommended if lower level of 36.45 USD was broken according to partial of trend, targeting at 35.70 and 34.80 USD.
Any opinions, news, research, analyses, prices or other information are provided as general market commentary and does not constitute investment advice. This website will not undertake liability for any loss or damage, including but not limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. Trading on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose.
Market Reviews of the Pervious Day:
During NY session on 24 May, euro reversed while dollar index retreated. Trend and stability of moving range should be under observation.
Gold closed in green on 24 May. Greece finacial crisis remained unsolved lifted defensive demand. Gold price gained support from the weakening greenback and tended to move towards the rebounding range.
Key Economic Data and Events:
GMT+8 08:30 Australia Westpac Leading Indicator (Mar)
GMT+8 09:00 Australia Consumer Inflation expectation (May)
GMT+8 16:30 U.K. GDP (1st Q)
GMT+8 20:30 U.S. Durable Orders (Apr)
Gold:
Gold opened at 1516.78 USD on 24 May, with intra-day Low at 1513.10 USD and intra-day High at 1527.76 USD, eventually closing at 1526.82 USD. Intra-day range of 14.66 USD was seen.
Gold settled slightly higher on Tuesday. Gains extended on factors including deteriorating European debt crisis, sharply recovering oil price and declining U.S. economic data.
The nearest structural support had been located at between 1463-1472 USD, and next support at 1447-1430 USD. The commodity was trading in choppy consolidation in daily chart within wide range of 1460-1576 USD.
Yet potential resistances existed in wide range at the levels of 1526 and 1537.20 USD.
Market was lack of clear direction since the downside of gold was limited while the resistance remained strong.
Trading suggestions:
Investors should observe the overall momentum, especially movement within wide range. Long positions may be suggested to place a trailing stop or limit order to lock in the profit. Small size selling is recommended if gold tests the resistance of flag at 1537.20 USD.
Silver: continue to recover but momentum weakened
Silver opened at 35.10 USD on 23 May, with intra-day Low at 34.87 USD and intra-day High at 36.69 USD, eventually closing at 36.67 USD. Intra-day range of 1.82 USD was seen.
Silver broke the narrowed range in 4-hour chart and formation of pattern completed. The said partial of target was fulfilled.
Price would move upside towards 38 USD if the level of 37.10 USD was breached, or test the lower support of 35.70 USD if returned to the level or 36.45 USD.
For the previous sharp decline market panic and mild technical recovery tended to make up the coming moving pattern. The downfall since 50 USD seemed to be the initial of correction. The current trend should be considered as a horizontal adjustment rather than a strong upside momemtum.
Overall process would take longer and should be diverse with gold.
Trading suggestions:
Potential moving range is located at 32.40-38.30 USD and range trade strategy should continue. According to partial of trend small size selling is recommended if lower level of 36.45 USD was broken according to partial of trend, targeting at 35.70 and 34.80 USD.
Any opinions, news, research, analyses, prices or other information are provided as general market commentary and does not constitute investment advice. This website will not undertake liability for any loss or damage, including but not limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. Trading on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose.
Tuesday, May 24, 2011
HXPM Gold market reviews on 24 May, 2011: Overall upside momentum remained
Daily Gold Review (2011.05.24): http://www.hx9999.com/en/index.html
Market Reviews of the Pervious Day:
During NY session on 23 May, euro continued to decline. Right after Greece and Italy Fitch again downgraded Belgium credit outlook from “stable” to “negative”. The U.S. might therefore put more pressure on the euro.
Gold ended in green on 23 May. Deteriorating European debt woes lifted the defensive demand. Rebound continued and upside bias tended to dominate.
Key Economic Data and Events:
GMT+8 14:00 Germany GDP (1st Q)
GMT+8 16:00 Germany Ifo Business Climate Index (May)
GMT+8 17:00 Euro Zone Industrial Orders (Mar)
GMT+8 22:00 U.S. New Residential Sales (Apr)
Gold:
Gold opened at 1513.55 USD on 23 May, with intra-day Low at 1504.23 USD and intra-day High at 1518.15 USD, eventually closing at 1516.78 USD. Intra-day range of 13.92 USD was seen.
Gold graduatelly recovered after retesting the lower support on Monday. Yet upside momentum was hindered as oil tumbled on soaring dollar index that rose above 76 or around 1 % during the session.
Currently gold was trading in choppy consolidation. Although the commodity found support at 1463, 1447 and 1430 USD, the recent rebound is regarded as the retractment of the decline from the peak 1576 USD.
The pattern of correction was changing in daily chart. The commodity tended to move to the range of 1526-1537 USD.
Trading suggestions:
Investors should observe the overall momentum. Overnight long positions may be suggested to place a trailing stop or limit order to lock in the profit. Gold is likely to test the target of 1526 USD and would move towards the upper of flag 1537 USD in the next stage.
Silver: overall upside momentum remained
Silver opened at 35.06 USD on 23 May, with intra-day Low at 34.42 USD and intra-day High at 35.43 USD, eventually closing at 35.09 USD. Intra-day range of 1.01 USD was seen.
Trend confused while range had been narrowed for 3 sessions. The pattern of triangle was constructing in hourly chart but momentum was still weak in 4 hour chart so break was needed before the formation confirmed. The commodity tended to move to the range of 36.45-36.70 USD if the level of 35.30 USD was broken.
For the previous sharp decline market panic and mild technical recovery tended to make up the coming moving pattern. The downfall since 50 USD seemed to be the initial of correction. The current trend should be considered as a horizontal adjustment rather than a strong upside momemtum.
Overall process would take longer.
Trading suggestions:
Price tended to move sideway at the lower. Potential moving range is located at 32.40-38 USD and range trade strategy should continue. According to partial of trend the commodity would move to the range of 36.45-36.70 USD if the level of 35.30 USD was broken.
Market Reviews of the Pervious Day:
During NY session on 23 May, euro continued to decline. Right after Greece and Italy Fitch again downgraded Belgium credit outlook from “stable” to “negative”. The U.S. might therefore put more pressure on the euro.
Gold ended in green on 23 May. Deteriorating European debt woes lifted the defensive demand. Rebound continued and upside bias tended to dominate.
Key Economic Data and Events:
GMT+8 14:00 Germany GDP (1st Q)
GMT+8 16:00 Germany Ifo Business Climate Index (May)
GMT+8 17:00 Euro Zone Industrial Orders (Mar)
GMT+8 22:00 U.S. New Residential Sales (Apr)
Gold:
Gold opened at 1513.55 USD on 23 May, with intra-day Low at 1504.23 USD and intra-day High at 1518.15 USD, eventually closing at 1516.78 USD. Intra-day range of 13.92 USD was seen.
Gold graduatelly recovered after retesting the lower support on Monday. Yet upside momentum was hindered as oil tumbled on soaring dollar index that rose above 76 or around 1 % during the session.
Currently gold was trading in choppy consolidation. Although the commodity found support at 1463, 1447 and 1430 USD, the recent rebound is regarded as the retractment of the decline from the peak 1576 USD.
The pattern of correction was changing in daily chart. The commodity tended to move to the range of 1526-1537 USD.
Trading suggestions:
Investors should observe the overall momentum. Overnight long positions may be suggested to place a trailing stop or limit order to lock in the profit. Gold is likely to test the target of 1526 USD and would move towards the upper of flag 1537 USD in the next stage.
Silver: overall upside momentum remained
Silver opened at 35.06 USD on 23 May, with intra-day Low at 34.42 USD and intra-day High at 35.43 USD, eventually closing at 35.09 USD. Intra-day range of 1.01 USD was seen.
Trend confused while range had been narrowed for 3 sessions. The pattern of triangle was constructing in hourly chart but momentum was still weak in 4 hour chart so break was needed before the formation confirmed. The commodity tended to move to the range of 36.45-36.70 USD if the level of 35.30 USD was broken.
For the previous sharp decline market panic and mild technical recovery tended to make up the coming moving pattern. The downfall since 50 USD seemed to be the initial of correction. The current trend should be considered as a horizontal adjustment rather than a strong upside momemtum.
Overall process would take longer.
Trading suggestions:
Price tended to move sideway at the lower. Potential moving range is located at 32.40-38 USD and range trade strategy should continue. According to partial of trend the commodity would move to the range of 36.45-36.70 USD if the level of 35.30 USD was broken.
Monday, May 23, 2011
HXPM Gold market reviews on 23 May, 2011: Trend recovered but correction should continue
Daily Gold Review (2011.05.23): http://www.hx9999.com/
Godl ended in green on Friday while correction continued. Market was in partially equilibrium and change in sentiment should be noticed.
Market Reviews of the Pervious Day:
During NY session on 20 May, euro tumbled on downgrade of Greece credit rating by Fitch and the increasing possibility of Greece restructuring debts. The said currency fell to a record low against the Swiss Franc.
Gold ended in green on 20 May. Massive defensive buying flowed in on Fitch downgrading Greece. Gold broke through the technical range in previous week but uncertainties remained.
Key Economic Data and Events:
GMT+8 13:00 Japan Monthly Report of Central Bank
GMT+8 15:00 France Manufacturing Purchasing Manager’s Index (May)
GMT+8 15:30 Germany Manufacturing Purchasing Manager’s Index (May)
GMT+8 16:00 Euro Zone Manufacturing Purchasing Manager’s Index (May)
Gold:
Gold opened at 1493.81 USD on 20 May, with intra-day Low at 1487.00 USD and intra-day High at 1515.60 USD, eventually closing at 1511.57 USD. Intra-day range of 28.60 USD was seen.
Gold fluctuated on Friday and breached the pressure from connection line between the highest of 11 May and 13 May, as well as the level of 1,500 USD, closing slightly lower.
Investors resumed to European financial crsis as credit rating of Greece was downgraded again. Defensive sentiment lifted and funds flowed into the precious metals, supporting the gold price.
Currently gold was trading in choppy consolidation. Although the commodity found support at 1463, 1447 and 1430 USD, the recent rebound is regarded as the retractment of the decline from the peak 1576 USD. The structure of correction was changing in daily chart.
Trading suggestions:
Investors should observe the overall momentum. Overnight long positions may be suggested to place a trailing stop or limit order to lock in the profit. Buying the rally is not recommended in short-term as partial target had been fulfilled and price might retreat.
Silver: trend recovered but correction continued
Silver opened at 35.01 USD on 20 May, with intra-day Low at 34.29 USD and intra-day High at 35.57 USD, eventually closing at 35.01 USD. Intra-day range of 1.28 USD was seen.
Trend was weaker than gold on Friday as upside momemtum was under pressure from moving average.
For the previous sharp decline market panic and mild technical recovery tended to make up the coming moving pattern. The downfall since 50 USD seemed to be the initial of correction. The current trend should be considered as a horizontal adjustment rather than a strong upside momemtum.
Overall process would take longer.
Trading suggestions:
Price tended to move sideway at the lower. Potential moving range is located at 32.40-38 USD and range trade strategy should continue.
Godl ended in green on Friday while correction continued. Market was in partially equilibrium and change in sentiment should be noticed.
Market Reviews of the Pervious Day:
During NY session on 20 May, euro tumbled on downgrade of Greece credit rating by Fitch and the increasing possibility of Greece restructuring debts. The said currency fell to a record low against the Swiss Franc.
Gold ended in green on 20 May. Massive defensive buying flowed in on Fitch downgrading Greece. Gold broke through the technical range in previous week but uncertainties remained.
Key Economic Data and Events:
GMT+8 13:00 Japan Monthly Report of Central Bank
GMT+8 15:00 France Manufacturing Purchasing Manager’s Index (May)
GMT+8 15:30 Germany Manufacturing Purchasing Manager’s Index (May)
GMT+8 16:00 Euro Zone Manufacturing Purchasing Manager’s Index (May)
Gold:
Gold opened at 1493.81 USD on 20 May, with intra-day Low at 1487.00 USD and intra-day High at 1515.60 USD, eventually closing at 1511.57 USD. Intra-day range of 28.60 USD was seen.
Gold fluctuated on Friday and breached the pressure from connection line between the highest of 11 May and 13 May, as well as the level of 1,500 USD, closing slightly lower.
Investors resumed to European financial crsis as credit rating of Greece was downgraded again. Defensive sentiment lifted and funds flowed into the precious metals, supporting the gold price.
Currently gold was trading in choppy consolidation. Although the commodity found support at 1463, 1447 and 1430 USD, the recent rebound is regarded as the retractment of the decline from the peak 1576 USD. The structure of correction was changing in daily chart.
Trading suggestions:
Investors should observe the overall momentum. Overnight long positions may be suggested to place a trailing stop or limit order to lock in the profit. Buying the rally is not recommended in short-term as partial target had been fulfilled and price might retreat.
Silver: trend recovered but correction continued
Silver opened at 35.01 USD on 20 May, with intra-day Low at 34.29 USD and intra-day High at 35.57 USD, eventually closing at 35.01 USD. Intra-day range of 1.28 USD was seen.
Trend was weaker than gold on Friday as upside momemtum was under pressure from moving average.
For the previous sharp decline market panic and mild technical recovery tended to make up the coming moving pattern. The downfall since 50 USD seemed to be the initial of correction. The current trend should be considered as a horizontal adjustment rather than a strong upside momemtum.
Overall process would take longer.
Trading suggestions:
Price tended to move sideway at the lower. Potential moving range is located at 32.40-38 USD and range trade strategy should continue.
HXPM Gold Weekly Gold Review 110523: Gold downside limited and rebounded
Weekly Gold Review (2011.05.23): http://www.hx9999.com/
Gold and silver should have digested the the correction pressure for 2 weeks and returned to fundamental trends. The former tested the lower level in early last week, rebounded upon the level 1,500 USD. The commodity continued to decline to the day low of 1,488 USD on Monday and further to 1,471.80 USD on Tuesday. Price stabled since the level of 1,470 USD remained, reversing to 1,500 from 1,484 USD on Wednesday. On Thursday range narrowed and the 1,490 USD level remained. Gold obviously strengthened on Friday that the day high reached 1,516 USD and ended at 1,512 USD.
Silver had experienced a more apparent reversal. After reaching the weekly low of 33 USD on Tuesday price repeatly tested the 35 USD key level. At the level no substaintial support nor resistance was seen. The weekly high and closing were 35.80 and 35 USD respectively.
Other than reduction in selling pressure, performance of dollar and oil also affected the trend of the metal. Oil and gold were similar in tracks, heading downward in the early 2 days and then rebounded. The U.S. oil futures fell to the lowest of 95 USD on Tuesday and stayed above 101 USD in the next two sessions. The weekly high of 101.40 USD was seen.
Rumors of European debt crisis and Local economic data mixed to influence the dollar index. Overall the greenback headed upward and then retreated, matching with the performance of gold. Since the dollar index declined from 76 the commodity had been strengthened. Gold price extended gains when the dollar index breached the 75 level on Friday.
Technically, the lower levels in late Jan, mid Mar and early May formed a essential supporting line. The level was once breached on Tuesday but resumed very soon so that a bearish trend was not formed. Gold was predicted to trade around 1,500 USD in the coming week. the first resistance should be 1,520 USD and the next one should be 1,550 USD. Although trend seemed to recover but the the effect of the key support of 1,480 USD should be noticed.
Since sharply declined from the peak, technically silver remained lack of direction. In view of scale of correction, price had fallen from the highest of 50 to the lowest of 32 USD, or 36%, the current reversal could be expected. Yet the higher structural risks of silver had led to certain withdrawals of investors and movement tended to be more unpredictable. Range might be widened but actual trading price might stayed within 35-36 USD.
Gold and silver should have digested the the correction pressure for 2 weeks and returned to fundamental trends. The former tested the lower level in early last week, rebounded upon the level 1,500 USD. The commodity continued to decline to the day low of 1,488 USD on Monday and further to 1,471.80 USD on Tuesday. Price stabled since the level of 1,470 USD remained, reversing to 1,500 from 1,484 USD on Wednesday. On Thursday range narrowed and the 1,490 USD level remained. Gold obviously strengthened on Friday that the day high reached 1,516 USD and ended at 1,512 USD.
Silver had experienced a more apparent reversal. After reaching the weekly low of 33 USD on Tuesday price repeatly tested the 35 USD key level. At the level no substaintial support nor resistance was seen. The weekly high and closing were 35.80 and 35 USD respectively.
Other than reduction in selling pressure, performance of dollar and oil also affected the trend of the metal. Oil and gold were similar in tracks, heading downward in the early 2 days and then rebounded. The U.S. oil futures fell to the lowest of 95 USD on Tuesday and stayed above 101 USD in the next two sessions. The weekly high of 101.40 USD was seen.
Rumors of European debt crisis and Local economic data mixed to influence the dollar index. Overall the greenback headed upward and then retreated, matching with the performance of gold. Since the dollar index declined from 76 the commodity had been strengthened. Gold price extended gains when the dollar index breached the 75 level on Friday.
Technically, the lower levels in late Jan, mid Mar and early May formed a essential supporting line. The level was once breached on Tuesday but resumed very soon so that a bearish trend was not formed. Gold was predicted to trade around 1,500 USD in the coming week. the first resistance should be 1,520 USD and the next one should be 1,550 USD. Although trend seemed to recover but the the effect of the key support of 1,480 USD should be noticed.
Since sharply declined from the peak, technically silver remained lack of direction. In view of scale of correction, price had fallen from the highest of 50 to the lowest of 32 USD, or 36%, the current reversal could be expected. Yet the higher structural risks of silver had led to certain withdrawals of investors and movement tended to be more unpredictable. Range might be widened but actual trading price might stayed within 35-36 USD.
Thursday, May 19, 2011
HXPM Gold market reviews on 20 May, 2011: Partially in equilibrium
Daily Gold Review (2011.05.20): http://www.hx9999.com/en/index.html
Market Reviews of the Pervious Day:
During NY session on 19 May, market traded in choppy consolidation. The dollar index dropped in sideway movement with 74.80 as a key support.
Gold slightly declined and technical range movement remained. Treding volumn lessened as market sentiment had not recovered. There was report that both holding and trading of COMEX gold futures had been shrinking.
Key Economic Data and Events:
GMT+8 14:00 Germany Producer Price Index (Apr)
GMT+8 16:00 Euro Zone Current Account (Mar)
GMT+8 19:00 Canada Consumer Price Index (Apr)
GMT+8 20:30 Canada Retail Sales (Mar)
GMT+8 22:00 Euro Zone Consumer Confidence Index (May)
Gold:
Gold opened at 1497.07 USD on 19 May, with intra-day Low at 1488.10 USD and intra-day High at 1499.74 USD, eventually closing at 1490.68 USD. Intra-day range of 14.64 USD was seen.
Gold failed to test the pressure of connection line between the highest of 11 & 13 and the level of 1500 USD on Thursday. Trend declined and range narrowed. Market sentiment was very weak. Correction partially extended during the early Asian session.
Currently gold was trading in choppy consolidation. The recent fall showed lack of momentum since the correction of downside from the peak 1576 USD occurred.
Short-term moving range shifted to 1463-1500 USD. The next lower support should be 1430 USD with resistance at 1526 USD tentatively.
Gold was more likely to break through the level of 1500 USD gradually.
Trading suggestions:
Investors should observe the overall momentum. Range trade strategy is recommended. Otherwise trade is suggested only after direction of short-term break through confirmed.
Silver: partially in equilibrium
Silver opened at 35.07 USD on 18 May, with intra-day Low at 34.57 USD and intra-day High at 35.74 USD, eventually closing at 34.96 USD. Intra-day range of 1.17 USD was seen.
Trend was volatile on Thursday. Short-term correction was seen in hourly chart after slight rebound.
The commodity tended to correct from the downfall since 50 USD. The momentum of upmove was uncertain so expected range trading remained.
Technically silver should test the levels about 36.80 and 37.20 USD.
More apparent technical pressure was seen on daily chart, especially according to pattern of moving average. Market should remain volatile and duration of the cycle would be rather long.
Trading suggestions:
Potential moving range is located at 32.40-38 USD and range trade strategy should continue. Overnight long positions may be suggested to place a trailing stop or limit order to lock in the profit. Small size shorting is recommended along the long-term moving average and target of current rebound.
Any opinions, news, research, analyses, prices or other information are provided as general market commentary and does not constitute investment advice. This website will not undertake liability for any loss or damage, including but not limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. Trading on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose.
Market Reviews of the Pervious Day:
During NY session on 19 May, market traded in choppy consolidation. The dollar index dropped in sideway movement with 74.80 as a key support.
Gold slightly declined and technical range movement remained. Treding volumn lessened as market sentiment had not recovered. There was report that both holding and trading of COMEX gold futures had been shrinking.
Key Economic Data and Events:
GMT+8 14:00 Germany Producer Price Index (Apr)
GMT+8 16:00 Euro Zone Current Account (Mar)
GMT+8 19:00 Canada Consumer Price Index (Apr)
GMT+8 20:30 Canada Retail Sales (Mar)
GMT+8 22:00 Euro Zone Consumer Confidence Index (May)
Gold:
Gold opened at 1497.07 USD on 19 May, with intra-day Low at 1488.10 USD and intra-day High at 1499.74 USD, eventually closing at 1490.68 USD. Intra-day range of 14.64 USD was seen.
Gold failed to test the pressure of connection line between the highest of 11 & 13 and the level of 1500 USD on Thursday. Trend declined and range narrowed. Market sentiment was very weak. Correction partially extended during the early Asian session.
Currently gold was trading in choppy consolidation. The recent fall showed lack of momentum since the correction of downside from the peak 1576 USD occurred.
Short-term moving range shifted to 1463-1500 USD. The next lower support should be 1430 USD with resistance at 1526 USD tentatively.
Gold was more likely to break through the level of 1500 USD gradually.
Trading suggestions:
Investors should observe the overall momentum. Range trade strategy is recommended. Otherwise trade is suggested only after direction of short-term break through confirmed.
Silver: partially in equilibrium
Silver opened at 35.07 USD on 18 May, with intra-day Low at 34.57 USD and intra-day High at 35.74 USD, eventually closing at 34.96 USD. Intra-day range of 1.17 USD was seen.
Trend was volatile on Thursday. Short-term correction was seen in hourly chart after slight rebound.
The commodity tended to correct from the downfall since 50 USD. The momentum of upmove was uncertain so expected range trading remained.
Technically silver should test the levels about 36.80 and 37.20 USD.
More apparent technical pressure was seen on daily chart, especially according to pattern of moving average. Market should remain volatile and duration of the cycle would be rather long.
Trading suggestions:
Potential moving range is located at 32.40-38 USD and range trade strategy should continue. Overnight long positions may be suggested to place a trailing stop or limit order to lock in the profit. Small size shorting is recommended along the long-term moving average and target of current rebound.
Any opinions, news, research, analyses, prices or other information are provided as general market commentary and does not constitute investment advice. This website will not undertake liability for any loss or damage, including but not limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. Trading on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose.
HXPM Gold market reviews on 19 May, 2011: Range movement as expected
Daily Gold Review (2011.05.19): http://www.hx9999.com/en/trend_734.html
Market Reviews of the Pervious Day:
During NY session on 18 May, market oscillated to correct. Dollar index weakened against the majorities except yen on depressive economic data while euro recovered.
Gold closed slightly higher and technical movement within range remained. Trading volumn lessened as market sentiment might not restored in short run.
Key Economic Data and Events:
GMT+8 12:30 Japan Industrial Production (Mar)
GMT+8 16:30 U.K. Retail Sales (Apr)
GMT+8 17:00 Switzerland ZEW Economic Expectations Index (May)
GMT+8 20:30 U.S. Weekly Initial Jobless Claims (14 May)
GMT+8 21:00 Euro Zone Speech of President of ECB Jean-Claude Trichet
GMT+8 22:00 U.S. Existing-Home Sales (Apr)
GMT+8 22:00 U.S. Conference Board Leading Indicator (Apr)
Gold:
Gold opened at 1485.81 USD on 18 May, with intra-day Low at 1485.22 USD and intra-day High at 1499.91 USD, eventually closing at 1496.60 USD. Intra-day range of 14.69 USD was seen.
On Wednesday gold rallied to the upper of moving range, at where the connection lin between the hightest of 11 and 13 May. During the early Asian session price continued to consolidate at high.
Currentlygold wastrading in choppy consolidation. The recent fall showedlack of momentum since the correction of downside from the peak 1576 USD occurred.
Short-term moving range shifted to 1463-1503 USD. The next lower support should be 1430 USD with resistance at 1526 USD tentatively.
long term trend of gold was predicted tobe volatile range trading.
Trading suggestions:
Investors should observe the overall momentum. Range trade strategy is recommended. Otherwise trade is suggested only after direction of short-term break through confirmed.
Market Reviews of the Pervious Day:
During NY session on 18 May, market oscillated to correct. Dollar index weakened against the majorities except yen on depressive economic data while euro recovered.
Gold closed slightly higher and technical movement within range remained. Trading volumn lessened as market sentiment might not restored in short run.
Key Economic Data and Events:
GMT+8 12:30 Japan Industrial Production (Mar)
GMT+8 16:30 U.K. Retail Sales (Apr)
GMT+8 17:00 Switzerland ZEW Economic Expectations Index (May)
GMT+8 20:30 U.S. Weekly Initial Jobless Claims (14 May)
GMT+8 21:00 Euro Zone Speech of President of ECB Jean-Claude Trichet
GMT+8 22:00 U.S. Existing-Home Sales (Apr)
GMT+8 22:00 U.S. Conference Board Leading Indicator (Apr)
Gold:
Gold opened at 1485.81 USD on 18 May, with intra-day Low at 1485.22 USD and intra-day High at 1499.91 USD, eventually closing at 1496.60 USD. Intra-day range of 14.69 USD was seen.
On Wednesday gold rallied to the upper of moving range, at where the connection lin between the hightest of 11 and 13 May. During the early Asian session price continued to consolidate at high.
Currentlygold wastrading in choppy consolidation. The recent fall showedlack of momentum since the correction of downside from the peak 1576 USD occurred.
Short-term moving range shifted to 1463-1503 USD. The next lower support should be 1430 USD with resistance at 1526 USD tentatively.
long term trend of gold was predicted tobe volatile range trading.
Trading suggestions:
Investors should observe the overall momentum. Range trade strategy is recommended. Otherwise trade is suggested only after direction of short-term break through confirmed.
Tuesday, May 17, 2011
HXPM Gold market reviews on 18 May, 2011: No break through of narrow range trading and awaiting formation of pattern
Daily Gold Review (2011.05.18): http://www.hx9999.com/en/trend_732.html
Market Reviews of the Pervious Day:
During NY session on 17 May, dollar index continued to decline under short-term technical pressure. Upside momentum should have partially exhausted. The dollar index tended to tended to test the support of 74.80 before trend further developed.
Gold ended in red on 17 May. Price once breached the bottom of narrow range but reversed on dip buying. Trading volumn reduced as sentiment of investors was very weak. Confidence mignt not be restored in short run.
Key Economic Data and Events:
GMT+8 08:30 Australia Consumer confidence Index (May)
GMT+8 16:30 U.K. Report of Central Bank’s Monetary Policy
GMT+8 16:30 U.K. Unemployment Rate (Apr)
GMT+8 17:00 Euro Zone Construction Spending (Mar)
GMT+8 20:30 Canada Wholesale Sales (Mar)
GMT+8 20:30 Canada Leading Indicator (Apr)
Gold:
Gold opened at 1489.40 USD on 17 May, with intra-day Low at 1472.60 USD and intra-day High at 1497.68 USD, eventually closing at 1485.70 USD. Intra-day range of 25.08 USD was seen.
During the session price breached the bottom of narrow range in daily chat but finally reversed on dip buying. The change in moving pattern was under observation.
If support of 1472 and 1463 USD stayed firm, the commodity tended to rebound to 1502 USD, at where the connection line between the highest of 11 and 13 May.
Currently gold was trading in choppy consolidation. Short-term moving range narrowed to 1463-1503 USD. The next lower support should be 1430 USD with short-term resistance at 1526 USD.
Trading suggestions:
Investors should observe the overall momentum. Range trade strategy is recommended within narrow range. Otherwise trade is suggested only after direction of short-term break through confirmed.
Silver: no break through of narrow range was seen and awaiting formation of pattern
Silver opened at 35.35 USD on 17 May, with intra-day Low at 33.50 USD and intra-day High at 35.42 USD, eventually closing at 33.60 USD. Intra-day range of 1.92 USD was seen.
Silver broke the downtrend since 29 Apr on Tuesday and was traded in choppy consolidation.
According to bottom divergence in hourly chart and partial pattern rebound should extend. 26.80 USD would be tested if 34.40 USD was breached.
More apparent technical pressure was seen on daily chart, especially according to pattern of moving average. Market should be volatile.
Trading suggestions:
Potential moving range shifted to 32.40-38 USD and range trade strategy should be continued.
Market Reviews of the Pervious Day:
During NY session on 17 May, dollar index continued to decline under short-term technical pressure. Upside momentum should have partially exhausted. The dollar index tended to tended to test the support of 74.80 before trend further developed.
Gold ended in red on 17 May. Price once breached the bottom of narrow range but reversed on dip buying. Trading volumn reduced as sentiment of investors was very weak. Confidence mignt not be restored in short run.
Key Economic Data and Events:
GMT+8 08:30 Australia Consumer confidence Index (May)
GMT+8 16:30 U.K. Report of Central Bank’s Monetary Policy
GMT+8 16:30 U.K. Unemployment Rate (Apr)
GMT+8 17:00 Euro Zone Construction Spending (Mar)
GMT+8 20:30 Canada Wholesale Sales (Mar)
GMT+8 20:30 Canada Leading Indicator (Apr)
Gold:
Gold opened at 1489.40 USD on 17 May, with intra-day Low at 1472.60 USD and intra-day High at 1497.68 USD, eventually closing at 1485.70 USD. Intra-day range of 25.08 USD was seen.
During the session price breached the bottom of narrow range in daily chat but finally reversed on dip buying. The change in moving pattern was under observation.
If support of 1472 and 1463 USD stayed firm, the commodity tended to rebound to 1502 USD, at where the connection line between the highest of 11 and 13 May.
Currently gold was trading in choppy consolidation. Short-term moving range narrowed to 1463-1503 USD. The next lower support should be 1430 USD with short-term resistance at 1526 USD.
Trading suggestions:
Investors should observe the overall momentum. Range trade strategy is recommended within narrow range. Otherwise trade is suggested only after direction of short-term break through confirmed.
Silver: no break through of narrow range was seen and awaiting formation of pattern
Silver opened at 35.35 USD on 17 May, with intra-day Low at 33.50 USD and intra-day High at 35.42 USD, eventually closing at 33.60 USD. Intra-day range of 1.92 USD was seen.
Silver broke the downtrend since 29 Apr on Tuesday and was traded in choppy consolidation.
According to bottom divergence in hourly chart and partial pattern rebound should extend. 26.80 USD would be tested if 34.40 USD was breached.
More apparent technical pressure was seen on daily chart, especially according to pattern of moving average. Market should be volatile.
Trading suggestions:
Potential moving range shifted to 32.40-38 USD and range trade strategy should be continued.
Monday, May 16, 2011
HXPM Gold market reviews on 17 May, 2011: Narrow range trading
Daily Gold Review (2011.05.17): http://www.hx9999.com/en/trend_730.html
Market Reviews of the Pervious Day:
During NY session on 16 May, restricted by technical pressure dollar index failed to test the upper resistance and reverse in sideway. Upside momemtum seemed to reduce in short run.
Gold settled lower on 16 May on strengthened greenback and lessened European debt woes. Range narrowed and trading volumn reduced. The sentiment of investors was very weak.
Key Economic Data and Events:
GMT+8 09:30 Australia Report on Federal Reserve Monetary Policy (May)
GMT+8 16:30 U.K. Consumer Price Index (Apr)
GMT+8 17:00 Germany ZEW Economic Climate Index (May)
GMT+8 17:00 Euro Zone ZEW Economic Climate Index (May)
GMT+8 20:30 U.S. Housing Starts (Apr)
GMT+8 20:30 U.S. Building Permits (Apr)
Gold:
Gold opened at 1495.20 USD on 16 May, with intra-day Low at 1487.82 USD and intra-day High at 1504.20 USD, eventually closing at 1489.00 USD. Intra-day range of 16.38 USD was seen.
Range narrowed in daily chart. The resistance of the range should be the connection lying between the highest prices on 11 and 13 May 2011.
Gold slightly declined on Monday, supported by bottom of narrow range and upside trendline since 28 Jan.
Currently gold was trading in choppy consolidation. Short-term moving range narrowed to 1484-1504 USD. The next lower support should be 1463 USD with short-term resistance at 1526 USD.
Trading suggestions:
Investors should observe the overall momentum. Range trade strategy is recommended within narrow range. Otherwise trade is suggested only after direction of short-term break through confirmed.
Silver: narrow range trading
Silver opened at 35.35 USD on 16 May, with intra-day Low at 33.50 USD and intra-day High at 35.42 USD, eventually closing at 33.60 USD. Intra-day range of 1.92 USD was seen.
Silver continued to fall along downtrend since 29 Apr. Current moving range was constructed by the mid-long term uptrend since 24 August 2010 and downtrend since 29 Apr.
More apparent technical pressure was seen on daily chart, especially according to pattern of moving average.
If performance of short run followed the mid-long term direction and the recent momemtum, the commodity was more likely to break through the downside trendline since 29 Apr horizontally. Else if price reversed upward to break through the recent downtrend, certain correction should occur.
Trading suggestions:
Recent moving range shifts to 36.50-32.10 USD and direction of short-term break through is under observation. Before that range trade strategy should be continued.
Market Reviews of the Pervious Day:
During NY session on 16 May, restricted by technical pressure dollar index failed to test the upper resistance and reverse in sideway. Upside momemtum seemed to reduce in short run.
Gold settled lower on 16 May on strengthened greenback and lessened European debt woes. Range narrowed and trading volumn reduced. The sentiment of investors was very weak.
Key Economic Data and Events:
GMT+8 09:30 Australia Report on Federal Reserve Monetary Policy (May)
GMT+8 16:30 U.K. Consumer Price Index (Apr)
GMT+8 17:00 Germany ZEW Economic Climate Index (May)
GMT+8 17:00 Euro Zone ZEW Economic Climate Index (May)
GMT+8 20:30 U.S. Housing Starts (Apr)
GMT+8 20:30 U.S. Building Permits (Apr)
Gold:
Gold opened at 1495.20 USD on 16 May, with intra-day Low at 1487.82 USD and intra-day High at 1504.20 USD, eventually closing at 1489.00 USD. Intra-day range of 16.38 USD was seen.
Range narrowed in daily chart. The resistance of the range should be the connection lying between the highest prices on 11 and 13 May 2011.
Gold slightly declined on Monday, supported by bottom of narrow range and upside trendline since 28 Jan.
Currently gold was trading in choppy consolidation. Short-term moving range narrowed to 1484-1504 USD. The next lower support should be 1463 USD with short-term resistance at 1526 USD.
Trading suggestions:
Investors should observe the overall momentum. Range trade strategy is recommended within narrow range. Otherwise trade is suggested only after direction of short-term break through confirmed.
Silver: narrow range trading
Silver opened at 35.35 USD on 16 May, with intra-day Low at 33.50 USD and intra-day High at 35.42 USD, eventually closing at 33.60 USD. Intra-day range of 1.92 USD was seen.
Silver continued to fall along downtrend since 29 Apr. Current moving range was constructed by the mid-long term uptrend since 24 August 2010 and downtrend since 29 Apr.
More apparent technical pressure was seen on daily chart, especially according to pattern of moving average.
If performance of short run followed the mid-long term direction and the recent momemtum, the commodity was more likely to break through the downside trendline since 29 Apr horizontally. Else if price reversed upward to break through the recent downtrend, certain correction should occur.
Trading suggestions:
Recent moving range shifts to 36.50-32.10 USD and direction of short-term break through is under observation. Before that range trade strategy should be continued.
Sunday, May 15, 2011
HXPM Gold market reviews on 16 May, 2011: Short-term oscillations under uncertainties
Daily Gold Review (2011.05.16): http://www.hx9999.com/en/trend_727.html
Market Reviews of the Pervious Day:
During NY session on 13 May, dollar index opened weak and then rallied. Strength extended that the dollar index hit the one and a half month high of 75.95.
Gold closed weak on 13 May but still in the rebound mode. Performance tended to remain unstable. Rebound of the greenback limited the upside momemtum yet the commodity was still attractive on its defensive and preservative nature, especially during time of severe financial difficulties among the Euro Zone.
Key Economic Data and Events:
GMT+8 17:00 Euro Zone Balance of Payments (Mar)
GMT+8 17:00 Euro Zone Consumer Price Index (Apr)
GMT+8 20:30 Canada Manufacturing New Orders (Mar)
GMT+8 21:00 U.S. Net Long-Term Capital Inflow (Mar)
Gold:
Gold opened at 1506.78 USD on 13 May, with intra-day Low at 1483.53 USD and intra-day High at 1516.51 USD, eventually closing at 1494.32 USD. Intra-day range of 32.98 USD was seen.
On Friday gold failed to test the recent high of 1526.47 USD and retreated rapidly, slightly rebounded with dip buying upon upside trendline since 28 Jan.
Short-term moving range shifted to 1478-1516.51 USD. The next lower support would be 1463 USD with upper resistance at 1526 USD in short run. There should be no follow through for the range trading market
Trend seemed stronger than silver accourding to daily chart yet reversal momemtum was not confirmed. Investors should observe the overall momentum as adjustment could end in any time.
Buying on dip should always be the best strategy.
Trading suggestions:
Investors should observe the overall momentum. The short gold position at about the trendline may be suggested to place a trailing stop or limit order to lock in the profit. Direction of short-term break through should be noticed.
Silver: short-term oscillations with uncertainties
Silver opened at 34.74 USD on 13 May, with intra-day Low at 34.04 USD and intra-day High at 36.45 USD, eventually closing at 35.43 USD. Intra-day range of 2.41 USD was seen.
Silver rebounded on Friday but selling on rally occured below the downside trendline since 29 Apr. Current moving range was constructed by the mid-long term uptrend since 24 August 2010 and downtrend since 29 Apr.
Change in market sentiment occured according to daily chart.
If performance of short-term followed the mid-long term direction and the recent momemtum, the commodity was more likely to break through the downside trendline since 29 Apr horizontally. Else if price rose to break through the recent downtrend, certain correction should occur.
Trading suggestions:
Recent moving range shifts to 36.50-32.10 USD and direction of short-term break through is under observation. Before that range trade strategy should be continued
Market Reviews of the Pervious Day:
During NY session on 13 May, dollar index opened weak and then rallied. Strength extended that the dollar index hit the one and a half month high of 75.95.
Gold closed weak on 13 May but still in the rebound mode. Performance tended to remain unstable. Rebound of the greenback limited the upside momemtum yet the commodity was still attractive on its defensive and preservative nature, especially during time of severe financial difficulties among the Euro Zone.
Key Economic Data and Events:
GMT+8 17:00 Euro Zone Balance of Payments (Mar)
GMT+8 17:00 Euro Zone Consumer Price Index (Apr)
GMT+8 20:30 Canada Manufacturing New Orders (Mar)
GMT+8 21:00 U.S. Net Long-Term Capital Inflow (Mar)
Gold:
Gold opened at 1506.78 USD on 13 May, with intra-day Low at 1483.53 USD and intra-day High at 1516.51 USD, eventually closing at 1494.32 USD. Intra-day range of 32.98 USD was seen.
On Friday gold failed to test the recent high of 1526.47 USD and retreated rapidly, slightly rebounded with dip buying upon upside trendline since 28 Jan.
Short-term moving range shifted to 1478-1516.51 USD. The next lower support would be 1463 USD with upper resistance at 1526 USD in short run. There should be no follow through for the range trading market
Trend seemed stronger than silver accourding to daily chart yet reversal momemtum was not confirmed. Investors should observe the overall momentum as adjustment could end in any time.
Buying on dip should always be the best strategy.
Trading suggestions:
Investors should observe the overall momentum. The short gold position at about the trendline may be suggested to place a trailing stop or limit order to lock in the profit. Direction of short-term break through should be noticed.
Silver: short-term oscillations with uncertainties
Silver opened at 34.74 USD on 13 May, with intra-day Low at 34.04 USD and intra-day High at 36.45 USD, eventually closing at 35.43 USD. Intra-day range of 2.41 USD was seen.
Silver rebounded on Friday but selling on rally occured below the downside trendline since 29 Apr. Current moving range was constructed by the mid-long term uptrend since 24 August 2010 and downtrend since 29 Apr.
Change in market sentiment occured according to daily chart.
If performance of short-term followed the mid-long term direction and the recent momemtum, the commodity was more likely to break through the downside trendline since 29 Apr horizontally. Else if price rose to break through the recent downtrend, certain correction should occur.
Trading suggestions:
Recent moving range shifts to 36.50-32.10 USD and direction of short-term break through is under observation. Before that range trade strategy should be continued
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