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.
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