Gold continuously rebounded and many uncertainties 2011-06-30

http://www.hx9999.com/en/trend_801.html

Market Reviews of the Previous Day:
During NY session on 29 June, the five-year austerity plan claimed by Greek Prime Minister Andreas Papandreou's on Wednesday won majority vote in Congress. It can avoid default of Greece and cleared its major obstacle of international financing. The euro rose to its two-week high against the dollar.
Greek Parliament will vote on this five-year austerity plan for the second round on Thursday. This round is mainly related to the specific implementation of the plan.
Market continued the previous technical trend. There were no breakthroughs in the current pattern.

June 29, international gold closed higher the second day consecutively. The concerns of market about the U.S. government and Congress reaching an agreement to control debt have been raised. It therefore increased the hedging need of buying gold futures. In addition, the Greek Parliament voting for the approval of the five-year austerity program enhanced market expectation of the global economy. It supported copper and silver futures.

Key Economic Data and Events:
GMT+8 15:55 German Unemployment Rate, pre-value 7.0% (June)
GMT+8 17:00 Eurozone Consumer Price Index, pre-value 2.7%/year (June)
GMT+8 20:30 Canada GDP, pre-value 0.3%/month, 2.8%/year (April)
GMT+8 20:30 U.S. Claims for weekly Unemployment Benefits (June 24)
GMT+8 21:45 U.S. Chicago Purchasing Managers Index, pre-value 56.6 (June)
Gold:
Gold opened at 1501.22 USD on 29 Jun, with intra-day Low at 1500. 30 USD and intra-day High at 1512.80 USD, eventually closing at 1511.83 USD. Intra-day range of 12.50 USD was seen.

Gold continuously rebounded the third trading day on Wednesday. It closed above the resistance 1511.43 USD which was also the previous support.

We predicted subjectively that the trend from June 6 to June 27 is a spreading ABC adjustment. The idea of analysis with 2B, tells if gold has further momentum, the price will continue the direction to 1535 and 1540 USD.
It is also an alarm that uncertainties and repetition occur in the market trend.
Before the change of gold's long-term uptrend, the whole pattern was in wide range oscillation.
Trading suggestions:
With short position at high price, it could be closed when retreating and setting the stop-loss below 1491 USD according to 2B analysis. Long position could be prepared.

Gold rebounded in short-term 2011-06-29

http://www.hx9999.com/en/trend_799.html

Market Reviews of the Previous Day:
During NY session on 28 June, market turned to be more positive toward the expectation of Greece. The euro rose against most currencies, but there were still uncertainties and with limited rebound. Market continued the previous technical trend. There were no breakthroughs in the current pattern. As the Greek Parliament will vote on the tightening fiscal policy on Thursday, investors worried that it may only delay the time of debt default when Greece obtains the relief funds.

June 28, international gold closed slightly higher. Market expected that the vote for the Greece austerity plan will pass so that the euro had a strong rebound against the dollar. It therefore boosted the gold price. At the same time the surge of oil price also gave support.

Key Economic Data and Events:
GMT+8 13:30 France the first quarter GDP of 1.0% / quarter, 2.2% / year
GMT+8 17:00 Euro Zone industrial climate index value of 3.9 (June)
GMT+8 17:30 Swiss KOF leading indicator of the value of 2.3 (June)
GMT+8 19:00 Canada consumer price index value of 0.3% / month, 3.3% / year (May)
Gold:
Gold opened at 1497.55 USD on 28 Jun, with intra-day Low at 1496.21 USD and intra-day High at 1505.76 USD, eventually closing at 1501.24 USD. Intra-day range of 9.55 USD was seen.

Gold had short-term rebound on Tuesday but volatility is limited. The upper resistance is around 1505 USD and 1511 USD. After break through 1511 USD, the price of gold has a downward movement. The lower support is in 1472.6USD and 1463 USD. Observed from the current rhythm, the repetition is still very strong. When there is no change in long-term, the overall rhythm is running into the wide shocks.

Trading suggestions:
Short position would be recommended within the range of 1505-1511.

Closed slightly lower, the price may go up and down repeatedly in short-term 2011-06-28

http://www.hx9999.com/en/trend_797.html

Market Reviews of the Previous Day:
During NY session on 27 June, before voting for Greece's fiscal tightening program, the euro had a strong rebound. It was expected that the austerity measure may pass. The market continued the previous technical trend. There were no breakthroughs in the current pattern. As the Greek Parliament will vote on the tightening physical policy on Thursday, the focus in short-term will be the debt of Greece. Any news of the Greek debt might cause market volatility.

June 27, international gold closed slightly lower. EU supported Greece which eased the risk aversion from the market. With the fall of other commodities prices, the attractiveness of gold as hedge asset for inflation reduced. The downward movement may appear. It is predicted that the price is more likely to be in downward oscillation.

Key Economic Data and Events:
GMT+8 14:00 German GFK Consumer Confidence, pre-value of 5.5 (June)
GMT+8 14:00 Swiss UBS Consumption Indicator, pre-value 1.585 (May)
GMT+8 16:30 UK one quarter of GDP, pre-value 0.5% /quarter, 1.8% / year
GMT+8 22:00 U.S. Consumer Confidence Index, pre-value 60.8 (June)
Gold:
Gold opened at 1499.89 USD on 27 Jun, with intra-day Low at 1491. 48 USD and intra-day High at 1505.47 USD, eventually closing at 1497.67 USD. Intra-day range of 13.99 USD was seen.

Gold continuously fell on Monday, but the volatility was limited, and closed with a Doji. There were certain buy orders at the low level and reverse may appear. The resistance is near USD 1505 and 1511.

After breaking the support at 1511 USD, the range of fluctuation went down. Lower supports will be between 1472.6 and 1463. Observed from the recent pattern, market is still in strong repetition.
Before the change of gold's long-term uptrend, the whole pattern was in wide range oscillation.
Trading suggestions:
Short position would be recommended within the range of 1505-1511.

HXPM Gold market reviews on 27 June, 2011: Gold fell below major supports

Daily Gold Review (2011.06.27): http://www.hx9999.com/en/trend_794.html

Market Reviews of the Previous Day:
During NY session on 24 June, the U.S. dollar was in upward oscillation in the previous trading day. The positive impact of Greece dissipated and the euro went down. Since market concerned that euro zone debt crisis spread to stock market and also the commodity markets tumbled, the euro closed at the weekly low level. Breakthrough signal was not seen so that the overall pattern in the market will continue the previous technical trend.

June 24, international gold closed sharply lower. The concern on Greek debt crisis prompted investors to sell off higher-risk assets. Gold appeared to have downward movement. Downward oscillation is more likely to appear.

Key Economic Data and Events:
GMT+8 14:00 Germany Retail Sales, pre-value 0.6%/ month and 3.6%/ year (May)
GMT+8 20:30 U.S. Consumer Spending, pre-value 0.4% / month (May)
Gold:
Gold opened at 1521.25 USD on 24 Jun, with intra-day low at 1498. 90 USD and intra-day high at 1525.50 USD, eventually closing at 1502.02 USD. Intra-day range of 26.60 USD was seen.

Gold closed lower on last Friday. The concerns on Greek debt crisis prompted investors to sell off high-risk assets. Moody's has warned the Italian banking sector of possibly lowering the ratings of 16 Italian banks, which raised concerns about the European financial system. It has dampened investors' interest on high-risk assets such as stock market, commodities and so on.

After breaking the support at 1511 USD, the range of fluctuation went down. Lower supports will be between 1472.6 and 1463. Observed from the recent pattern, market is still in strong repetition.
Before the change of gold's long-term uptrend, the whole pattern was in wide range oscillation.
Trading suggestions:
Gold fell below the support at 1,511 USD, which is expected to have further downward oscillation. Investors could appropriately sell when the price reverses. The targets would be 1472.60 and 1463.

HXPM Gold Weekly Gold Review 110627: The positive impact of Greece dissipated and gold fell below some major supports

Weekly Gold Review (2011.06.27):  http://www.hx9999.com/en/comment_week_796.html

International spot gold on last Monday followed the upward oscillation from previous Friday and it surged to USD 1,545.38, but it ended up not sustained, falling to1, 540.68. Being supported by the short-term MA in daily chart, gold went up slowly in the following days. It rebounded to the high level 1,547.6 on last Tuesday and 1,558 on Wednesday. However, the rise on Wednesday did not break the key resistance 1,553.57 before closing, and it fell sharply to 1,548.82, showing possibly the downward movement. After that, it turned to a reverse trend on Thursday and Friday. The low level retreated to 1,512.85 on Thursday and it reached the lowest at 1,498 on Friday, which closed at 1,502.02.

Gold prices in last week were affected by the debt crisis in Greece and the U.S. Federal Reserve meeting on interest rate and also the weak oil price. Several incidents have dampened investors' interest on high-risk assets such as stock market, commodities and so on. Market worried that the euro zone debt crisis spread to stock market. Commodity markets tumbled and the dollar went stronger. Moody's has warned the Italian banking sector of possibly lowering the ratings of 16 Italian banks, raising concerns about the European financial system. The capital flew out of the gold market and therefore suppressed its price.

Observed from the daily chart, gold's uptrend in the long-term is still positive, with medium-term adjustment. After the price fell below major support at USD 1,511, it probably down test the lower supports 1472.60 and 1,463. It is estimated that the trend will repeat at high level this week. The overall pattern will be in downward oscillation. The volatility is between 1,526 and 1,472. Greek Parliament will vote for the Austerity plan on June 29 and 30. The result not only determines the direction of the euro, but will affect the global financial markets. Investors should pay high attention.

HXPM Gold market reviews on 24 June, 2011: Gold closed sharply down

Daily Gold Review (2011.06.24): http://www.hx9999.com/en/trend_792.html

Market Reviews of the Previous Day:
During NY session on 23th, the euro against USD is affected by various factors. Weak economic data raised market concerns about the global economic slowdown dragged down the euro suffered heavy losses, but the Greek EU / IMF austerity program on the news of an agreement to support the euro. The overall market is continued the previous technology.

June 23, International Gold closed sharply low, inflation fears ease and the USD trading by hedge push up. The market is moving down after the important technical position.

Key Economic Data and Events:
GMT+8 16:00 Germany IFO business climate index (June)
GMT+8 17:30 England central bank monetary policy at a press conference
GMT+8 20:30 America Durable Goods Orders (May)
GMT+8 22:00 America before the first quarter GDP revised value of 1.8% / year
Gold:

Gold opened at 1548.63 USD on 23 Jun, with intra-day Low at 1512.85 USD and intra-day High at 1548.98USD, eventually closing at 1521.06USD. Intra-day range of 36.13USD was seen.

On Thursday the price of gold in the pre-mentioned channel suppression of a substantial decline, the International Energy Agency (IEA) accidental release of strategic oil reserve has come down so that investors expected inflation to heat up. Meanwhile, the USD sharply moving higher then gold price has exacerbated the downward pressure.
Investors should note that the support will be at USD 1,511, if it breaks this point then the price fluctuations will be down. The lower support will be USD 1,463. However, observe from the recent pace, repetition will be still occurred.
When there is no change under the long term upward movement, the overall rhythm is running on a wide shock.
Trading suggestions:
After breaking the point of USD 1511, the price will move downward and the lower support is USD1463. Investors should pay attention to buy in before it.

HXPM Gold market reviews on 23 June, 2011: Gold retreated after surging, continuing the technical trend.

Daily Gold Review (2011.06.23): http://www.hx9999.com/en/trend_790.html

Market Reviews of the Previous Day:
During NY session on 22 June, U.S. dollar went higher against major currencies. Market continued the previous technical trend after settling down the risk incidents
The Fed said interest rate will be kept in an extremely low level over a longer period. As what the members voted unanimously in the meeting, it is in the range of 0-0.25%. The Fed also said that the bond purchase plan will be finished at the end of June, but they will continue to re-invest the return of the existing bond when its maturity date arrives.
Fed officials lowered the expectation for the U.S. economic growth. Bernanke's speech triggered concerns on market recovery in the U.S. and the global economy. The market sentiment was therefore affected and the dollar overall went high.

June 22, international gold closed higher. Since FOMC maintained the Loose Monetary Policy, the concern for the Fed raising interest rate may be released. Gold surged after the announcement of the policy.

Key Economic Data and Events:
GMT+8 15:30 Germany Manufacturing PMI (June)
GMT+8 16:00 Eurozone Manufacturing PMI (June)
GMT+8 20:30 Weekly Claims for Unemployment Benefits (June 18)
GMT+8 22:00 New Home Sales Value, pre-value 323,000 (May)
Gold:
Gold opened at 1548.63 USD on 22 Jun, with intra-day Low at 1541.45 USD and intra-day High at 1558.00 USD, eventually closing at 1548.63 USD. Intra-day range of 16.55USD was seen.

Gold surged on Wednesday, but quickly retreated. The upside was capped by a strong selling pressure. It was not able to break the resistance of uptrend range from 14 June. Closing at a long cross line, it adversely affected gold prices.

Although the initial consolidation appeared in the daily chart, it tells only about the direction, and the trend will be determined step by step.
Before the change of gold's long-term uptrend, supports were easily found. The whole pattern was in wide range oscillation.
Trading suggestions:
After breaking the upside of the consolidation, the upper level will be at 1576 USD. It is a good opportunity for buying. The stop-loss could be at 1538. Investors should pay attention to the suppression of the uptrend range from 14 June.

HXPM Gold market reviews on 22 June, 2011: Breaking the resistance, price went up

Daily Gold Review (2011.06.22): http://www.hx9999.com/en/trend_788.html

Market Reviews of the Previous Day:
During NY session on 21 June, the euro reached 1.44 USD due to an expectation that government would survive a confidence vote by the parliament. After the vote, the market focus will shift to FED's monetary policy statement.

June 21, international gold closed higher, due to the uncertainties of solutions for Greek sovereign debt crisis and the decline of U.S. dollar. Gold closed higher for the sixth consecutive trading days. The technical trend continued. Market is concerned about the result of the meeting for interest rate policy held by Federal Reserve Board on June 22. It is expected that Fed will announce the end of the second round quantitative easing policy.

Key Economic Data and Events:
GMT+8 16:30 Bank of England Monetary Policy Meeting (June 9)
GMT+8 17:00 Swiss ZEW Economic Confidence (June)
GMT+8 22:00 Eurozone Consumer Confidence Index (June)
GMT+8 22:30 Review Report of the Bank of Canada Financial System
Gold:
Gold opened at 1540.81 USD on 21 Jun, with intra-day Low at 1538.88 USD and intra-day High at 1547.60 USD, eventually closing at 1546.31 USD. Intra-day range of 8.72 USD was seen.

Gold rose on Tuesday, breaking the high levels of May 2 and June 6, 2011 before closing. The initial consolidation appeared in the daily chart.

Before the change of gold's long-term uptrend, supports were easily found. The whole pattern was in wide range oscillation.
Trading suggestions:
After breaking the upside of the consolidation, the upper level will be at 1576 USD. It is a good opportunity for buying. The stop-loss could be at 1538. Investors should pay attention to the suppression of the uptrend range from 14 June.

HXPM Gold market reviews on 21 June, 2011: Reaching the upside range and slightly retreating

Daily Gold Review (2011.06.21): http://www.hx9999.com/en/trend_786.html

Market Reviews of the Previous Day:
During NY session on 20 June, Eurozone finance ministers have already agreed on the details of the framework on the European stability mechanism. At the same time, IMF raised Eurozone's GDP expectation. The focus on risk-aversion in the market was therefore reduced. Non-US currencies rebounded at the low price.� We are now waiting for the Fed meeting on interest rate and a vote of confidence for Papandreou cabinet.

June 20, international gold closed slightly higher, due to concerns about Greece and increasing uncertainties. The debt crisis of Greece and its sovereign affected the risk sentiment in the market. The technical trend continued.

Key Economic Data and Events:
GMT+8 16:30 UK Public Sector Net Borrowing (May)
GMT+8 17:00 German ZEW Economic Sentiment Index (June)
GMT+8 17:00 Eurozone ZEW Economic Sentiment Index (June)
GMT+8 17:30 Swiss KOF Economic Forecast (June)
GMT+8 20:30 Canadian Retail Sales (April)
GMT+8 20:30 Canada Leading Indicator (May)
GMT+8 22:00 U.S. Existing Home Sales (May)
Gold:
Gold opened at 1538.60 USD on 20 Jun, with intra-day Low at 1533.11 USD and intra-day High at 1545.38 USD, eventually closing at 1540.68 USD. Intra-day range of 12.27 USD was seen.

Gold rose on Friday, but it reached the connection of high levels of May 2 and June 6, 2011 and retreated.

There was less market news yesterday. Investors remained cautious before the Federal Reserve meeting on interest rate.
The initial consolidation seems to appear on the daily chart. Before the change of this long-term uptrend, supports were easily found. The whole pattern was in wide range oscillation.
The upside range after initial consolidation is along the connection of high levels of May 2 and June 6, 2011, but the downside is still uncertain. The one connected low levels of May 5 and May 17 and also the one connected May 17 and June 13 can be regarded as the downside range.
Trading suggestions:
The up resistance is at the connection of the high levels of May 2 and June 6, nearly 1545 USD. Once breaking, the gold would reach 1576, which is a good opportunity for trading. Before that, investors could consider selling on the upside range.

HXPM Gold market reviews on 20 June, 2011: Rebound continued, and consolidation appeared

Daily Gold Review (2011.06.20): http://www.hx9999.com/en/trend_783.html

Market Reviews of the Previous Day:
During NY session on 17 June, dollar index fell the second day after reaching the technical resistance on the long-term trend line. The euro rose against the dollar and hit the highest level in two weeks. Greece was expected to receive the new assistance to avoid default. But Moody's placed the credit ratings of Italy to the review list which may consider as downgrade. The increase of euro against the dollar was therefore reduced. The market also worried that the recovery of the U.S. economy will be slowed down.

June 17, international gold closed slightly higher. The uncertainty of the Greece rescue plan and a weaker dollar boosted the gold price. After Germany and France promised to provide assistance to Greece, dollar was weakened and therefore the gold market turned to be bullish. In addition, the price of gold gained support when the debt crisis spread in Europe.

Key Economic Data and Events:
GMT+8 14:00 Germany Producer Price Index, pre-value 1.0% / month, 6.4% / year (May)
GMT+8 16:00 Eurozone Current Account, pre-value -4.7billion euro (April)
GMT+8 22:30 Eurozone European Central Bank President Trichet’s speech
Gold:
Gold opened at 1529.30 USD on 17 Jun, with intra-day Low at 1522.85 USD and intra-day High at 1541.97 USD, eventually closing at 1539.25 USD. Intra-day range of 19.12 USD was seen.

Gold rose on Friday, The initial consolidation seems to appear on the daily chart. Before the change of this long-term uptrend, the market is full of supports. The whole pattern was in wide range oscillation.

The upside range after initial consolidation is along the high levels of May 2 and June 6, 2011, but the downside is still uncertain. The one connected the low levels of May 5 and May 17 and also the one connected May 17 and June 13 can be regarded as the downside.
Trading suggestions:
The up resistance is at the connection of the high levels of May 2 and June 6, nearly 1545 USD. Once breaking, the gold would reach 1576, which is a good opportunity for trading. Before that, investors could consider selling on the upside range.

HXPM Gold Weekly Gold Review 110620: Significant downturn in the stock market, gold gaining support from more capital inflows

Weekly Gold Review (2011.06.20):  http://www.hx9999.com/en/comment_week_785.html

Gold kept going up last week. The price rose from the lowest at 1,510.5 USD last Monday to the highest at 1,542, but the increase was less than 32 USD. The price on last Monday followed the downturn of the previous Friday, falling from the opening high level 1,530 to the big support level 1,510. Fortunately, there were buying orders in the low level which stopped the downtrend and the price rebounded afterwards. It rose to 1,537 last Tuesday, whereas the high level was 1,534.5 last Wednesday; then, it slightly retreated to 1533 on Thursday. The highest level in the week was 1,542 on Friday, with the closing price of 1,539.5.

This recovery of gold was a bit strange. The U.S. dollar last week was rising, and the dollar index rose over 76, which was the highest rebound since this month. Oil price declined due to the economic data and stock performance. The U.S. oil futures fell on the high level 99.3 USD/barrel on Monday. Oil price declined significantly on Wednesday, from the daily highest price 99.95 to the lowest 94, with nearly 5% decrease. It is rare to have such a large decline.

However, with more market capital inflows in the gold market, its price was not affected by the two bearish messages mentioned above, and even went up. Global stock markets fell significantly last week. Some of the stock market capitals flew into the gold market. In addition to the concern from Greece’s debt crisis at the beginning of the week, risk aversion supported the gold price.
Silver and gold price trends were somehow similar, which rebounded after a huge decline on Monday. The rise of silver was restricted by inadequate funds support. So, the rebound from last Tuesday to Friday was still unable to break through the high level of 36.3 USD on Monday. It closed at 35.85 on Friday.

Observed from the daily chart, the gold rose along a big support line, should be able to form a high price along this uptrend. On the other hand, the current price is closed to this support line. Once the bearish news releases, the gold will face a selling pressure and have chance to break through the support line. Hence a short-term retracement occurs. Volatility this week was estimated to repeat the pattern last week, but with higher level, between 1,515 to 1,555 USD.

Silver was also rising along the big support line. However, declining from the peak, the price has not been able to rebound and stabilize at 39 USD. So, the current support line is just a psychological support, which is not strong enough to form a technical rally in a short period of time. The trend this week was estimated between 34.50 and 36.50.

HXPM Gold market reviews on 17 June, 2011: Range oscillation and the possibility of forming flag pattern

Daily Gold Review (2011.06.17): http://www.hx9999.com/en/trend_781.html

Market Reviews of the Previous Day:
During NY session on 16 June, The concern of Greece possibly breaching the contract led to a low record of the euro against Swiss franc. The euro against the dollar had better performance before closing. The U.S. index reached the long-term downtrend line and retreated. During the early Asian session on 17 June, the euro against the dollar rebounded from the low level 1.4074 USD to 1.42 nearby.

June 16, international gold closed slightly lower. It remained the pattern of partial range oscillation. The market risk aversion and a stronger dollar in short-term affected the gold's trend.

Key Economic Data and Events:
GMT+8 17:00 Eurozone Trade Balance (April)
GMT+8 21:55 U.S. Consumer Confidence Index from University of Michigan (June)
GMT+8 22:00 U.S. Conference Board Leading Indicators (May)
Gold:
Gold opened at 1530.92 USD on 16 Jun, with intra-day Low at 1522.55 USD and intra-day High at 1532.60 USD, eventually closing at 1529.14 USD. Intra-day range of 10.05 USD was seen.
Gold on Thursday, it continued the oscillation range between 1533 and 1511 USD. The market was in strong repetition. Investors worried the volatility of the recent sessions. There is a possibility of forming the flag pattern. The upper range is near 1537.

Before the change of long-term rising trend of gold, many supports are seen and the whole pattern is in the form of wide range oscillation. Pay attention to the daily chart for any narrowing adjustments.

We can temporarily determine the pattern as a wide range oscillation in short and medium-term. Wide range is located between 1460 and 1576 USD.
Trading suggestions:
The partial oscillation range is between 1533 and 1511 USD. Range trading is temporarily suggested. Investors could buy near 1533-1537. The lower level is at 1500. During the market turmoil, investors could pay attention to the position management rather than opening position.

HXPM Gold market reviews on 16 June, 2011: Rebounds and oscillation maintains

Daily Gold Review (2011.06.16): http://www.hx9999.com/en/trend_779.html

Market Reviews of the Previous Day:
During NY session on 15 June, the worries of debt crisis in Greece dragged down the currency. The weakness of Euro was seen. Investor worried that when these problems could not be resolved, with the consequence of the breach of the contract, it affected the European banking sectors. In addition, the weak U.S. economy data prompted investors to buy dollar, yen and Swiss franc as a hedging behavior.

June 15, international gold closed slightly higher. It was the impact of the escalating debt problems in Euro and fears of inflation. As the disputes varied among European countries over providing the second round of financial aid to Greece, the concerns of investors on debt problems were growing. The market risk aversion spread, thereby supporting the gold price.

Key Economic Data and Events:
GMT+8 15:15 Switzerland Industrial Production (1st quarter)
GMT+8 15:30 Swiss National Bank interest rate decision value, with pre-value 0.25%
GMT+8 16:30 UK Retail Sales (May)
GMT+8 16:45 Eurozone Consumer Price Index (May)
GMT+8 20:30 U.S. Housing starts (May)
GMT+8 20:30 U.S. Building Permits (May)
GMT+8 20:30 U.S. Current Account, with pre-value $113.3 billion USD (1st quarter)
Gold:
Gold opened at 1523.20 USD on 15 Jun, with intra-day Low at 1514.52 USD and intra-day High at 1533.76 USD, eventually closing at 1531.42 USD. Intra-day range of 19.24 USD was seen.

Gold on Wednesday, the impact of Greece debt crisis continued. The oscillation range remained between 1533 and 1511 USD.

The market pattern was in strong repetition.
The current partial oscillation range is between 1533 and 1511 USD. The lower levels are at 1505, 1472.6 and 1462.
The long-term trend of gold is in contradiction with the form of medium-term, and there are many uncertainties. However, before the end of this long-term uptrend, we can maintain the idea of bullish in long-term.
We can temporarily determine the pattern as a wide range oscillation in short and medium-term. Wide range is located between 1460 and 1576 USD. Due to the loss of the upward momentum, and the previous suppression of the technical indicators, gold retreats with higher possibility.
Trading suggestions:
The partial oscillation range is between 1533 and 1511 USD. Range trading is temporarily suggested. During the market turmoil, investors could pay attention to position management rather than opening positon.

HXPM Gold market reviews on 15 June, 2011: Repeated pattern and partially going sideways

Daily Gold Review (2011.06.15): http://www.hx9999.com/en/trend_777.html

Market Reviews of the Previous Day:
During NY session on 14 June, the dollar rebounded at the key support in short-term. The rebound of the Euro was still in great uncertainty. Market turned to repeated oscillation. The intensive technical support and resistance restricted the price continuity. The price was also affected by the public opinion and other market factors.

June 14, international gold closed slightly higher. The concerns of inflation and the weakening dollar were increasing. The release of a series of economic data in China the same day also raised market concerns on the global inflation. Investors therefore purchase the gold in order to hedge against inflation.

Key Economic Data and Events:
GMT+8 17:00 Eurozone Industrial Production (April)
GMT+8 20:30 Canada Manufacturing New Orders (April)
GMT+8 20:30 U.S. Consumer Price Index (May)
GMT+8 21:00 U.S. Long-term Net Capital Inflows, with pre-value 24 billion USD (April)
GMT+8 21:15 U.S. Industrial Production Value, with pre-value 0.0%/month (May)
Gold:
Gold opened at 1515.99 USD on 14 Jun, with intra-day Low at 1512.32 USD and intra-day High at 1526.16 USD, eventually closing at 1523.20 USD. Intra-day range of 13.83 USD was seen.
On Tuesday, the price reached the upward trend line from 28 January, 2011, which turned to be a resistance after the breakthrough, but downside continuity was not seen. There were buy orders on the upside of the low price of Monday and the price rebounded. The market pattern was in strong repetition.
The current partial oscillation is between 1533 and 1511 USD. The lower levels are at 1505, 1472.6 and 1462.

The long-term trend of gold is in contradiction with the form of medium-term, and there are many uncertainties. However, before the end of this long-term uptrend, we can maintain the idea of bullish in long-term.

We can temporarily determine the pattern as a wide range oscillation in short and medium-term. Wide range is located between 1460 and 1576 USD. Due to the loss of the upward momentum, and the previous suppression of the technical indicators, gold may retreat.
Trading suggestions:
Without downward continuity yesterday, the partial oscillation range is between 1533 and 1511 USD. Range trading is temporarily suggested. During the market turmoil, investors could pay attention to position management rather than operation.

HXPM Gold market reviews on 14 June, 2011: Breaking the support, direction is clear in short-term

Daily Gold Review (2011.06.14): http://www.hx9999.com/en/trend_775.html

Market Reviews of the Previous Day:
During NY session on 13June, dollar fell when suppressed by technical factors. Market turned back to be optimistic toward the expectation of increasing interest rate in the UK. The pound as well as the risk-bearing currencies therefore strengthened.

June 13, international gold closed lower.Since investors have fewer worries about inflation gradually, the market demand for gold and other precious metals is shrinking. The price of gold continued to fall on this day.

After the announcement of the U.S. for a series of disappointing data, such as the non-farm payrolls recently, Germany, UK, Australia and some other countries all had unsatisfactory performance on their economic data. The economy of Japan after hitting by earthquake is also disappointed. The economic growth of the major global economieshas sloweddown. Investors start to worry that the global economy will have "second depress".
At the same time,investors' concernof the China'stightening monetary policyis raised when waiting for the releaseof a series of economic data this week. Bearish occurs in the precious metalsmarket.
Key Economic Data and Events:
GMT+8 16:30UK Consumer Price Index (May)
GMT+8 22:30U.S. Retail Sales (May)
GMT+8 22:30U.S. Producer Price Index (May)
GMT+8 22:00U.S. Business Inventories (April)
Gold:
Gold opened at1531.52USD on 13Jun, with intra-day Low at 1511.43USD and intra-day High at1532.90USD, eventually closing at 1516.05USD. Intra-day range of 21.47USD was seen.

Gold fell on Monday, breaking the key support. When it reaches the partial support at 1506 USD, the further supports are located at 1472.6 and 1462.

The long-term trend of gold is in contradiction with theform of medium-term, and there are many uncertainties. However, before the end of thislong-term uptrend, wecanmaintainthe idea of bullishin long-term.
We can temporarily determinethe pattern as a wide range oscillation in shortand medium-term.Wide range is located between 1460and 1576USD. Due to the loss of the upward momentum, and the previous suppression of the technical indicators, gold may retreat.
Trading suggestions:
Due to the previous support breaking, investor could consider selling in a small amount. At the downside 1506 USD, the further supports are located at 1472.6 and 1462.

HXPM Gold market reviews on 13 June, 2011: With the falling trend, double supports are tested

Daily Gold Review (2011.06.13): http://www.hx9999.com/en/trend_772.html

Market Reviews of the Previous Day:
During NY session on 10June, Dollar rose against all currencies.Euro fell sharplyagainst dollar.The stock market and commodity prices crashed, resulted inthe further weakening of Euro after debt problemsinGreek andthe pressure from theTrichet’s speech.European Central Bank Jean-Claude Trichetrecently refused to participate directly in the second round of the Greek aid scheme. Investors may change theirfocus from European Central Bank's interest rate increasing in July to the deteriorating euro zone's economy.The market expectation for the eurozone of rate increasing in the first quarter of 2012 has been significantly lower than that in theUnited States. The expectation for the prospects of the euro zone economy has lower. So,if Fedstarts the tighteningpolicy next year, probably ECB still remains in its own pace of this year.

June 10, international gold closed lower.Due to thestrengthening of dollar, the demands for precious gold decreased. Suppressed by the technical factors, the gold fell on Friday. The technicalcharts showed that gold lost the upward momentum and itmay continue to down test the support.

Key Economic Data and Events:
GMT+8 07:50Japan Core Machinery Orders (April)
GMT+8 14:00German Wholesale Price Index (May)
GMT+8 21:30U.S. Fed Lacker's speech
Gold:
Gold opened at 1544.45USD on 10 Jun, with intra-day Low at 1526.06USD and intra-day High at 1545.52USD, eventually closing at 1531.29USD. Intra-day range of 19.46 USD was seen.

Gold fell on Friday, retesting the double supports between 1524 and 1527 USD which were the high levels on 11 May as well as the medium-term trend line.�There were some buy orders on that day. It maintained the pattern of oscillation at high price.

The long-term trend of gold is in contradiction with theform of medium-term, and there are many uncertainties. However, before the end of thislong-term uptrend, wecanmaintainthe idea of bullishin long-term.
We can temporarily determinethe pattern as a wide range oscillation in shortand medium-term.Wide range is located between 1460and 1576USD. Due to the loss of the upward momentum, and the previous suppression of the technical indicators, gold may retreat.
Trading suggestions:
Narrow rangecreates big impact.If investorsbuy between 1524 and 1527 USD, the stop-loss would be below 1520. The decision of holding or closing the position depends on the next market prediction.

HXPM Gold Weekly Gold Review 110613: Dollar turned stable and gold lost the upward momentum

Weekly Gold Review (2011.06.13):  http://www.hx9999.com/en/comment_week_774.html

The gold price trend did not make importantbreakthroughlast week. The price fells in a relativelynarrow range in the whole week. Gold on Monday opened at 1,544.30USD, then rising to the highest level at1,553.50. On Tuesday, therumor of increasing the oil production lowered its price, and the gold price was alsoaffected by its bearishtrend and slightly went downwith lowest price 1,536. On Wednesday, it fell to 1,530.50, and followed by a small amount of low buying. On Thursday, it moved upto 1,533.30. However, the pricefell again on Friday, from the highest priceof1,545to the lowest weekly level of 1,525.80. Fortunately,it finally rebounded above the level of 1,530and closed at 1531.

The trends of silver price and gold pricewere different. The early part of last week, silver moved with volatility.On Friday, it had the largest volatility in the week,with the weekly highest price of 37.90USD,andthe daily lowest price of 36. Itclosed at the low level 36.10.

The gold and silver prices last weekwerestill mainly influenced by changes in oil price and the impact of the U.S. dollar. OPECclaimed that they would increasethe production in short-termwhich initiallywas a good newsto oil price. However,the market is concerning that thedeteriorating U.S. economywould lessen the demand of the oilso that the U.S. oil futures rose to the highest price of 102.45USD/barreland then retreated. The largest decline was on Friday, falling from highest 102.10 to 98.60.The declineof oil pricein the last day of the week weakened the rebound of gold and silver prices.
On the other hand, Dollar stabilized in thelast week. Euro fell against dollar from the previous weekof 1.4630USD to 1.4340on last Friday. Pound against dollarfell from 1.6430 and closed at the lowest price 1.6210in the week. U.S. dollar index rebounded from the lowest 73.50to 74.80. In the short term, dollarwas evidenced the uptrendwhichcreated pressureto gold at high price.

From the chart, the price of gold is still above the big support between1,510� and 1,520USD. This support stays firm. The price of gold hit a high record of 1,575.40on 2 May,then testing some highlevels and retreats. So, the up resistance line is going down, which may affect the price of gold, further downward testing the support at 1,510. If it breaks thisbig support there will be adjustment in a certain period of time. The volatilityof this week is estimatedto be between 1,518and 1,558. Silverwill be between 35and 37. Based on Friday'sfigure,silverclosed at the lowest price, indicating that the sell order existed at the high price.

HXPM Gold market reviews on 10 June, 2011: Oscillation in narrow range with slight rebound

Daily Gold Review (2011.06.10): http://www.hx9999.com/en/trend_770.html

Market Reviews of the Previous Day:
During NY session on 9June, Euro fell against dollar. European Central Bank and Bank of England maintainthe current interest rate as the market expected. European Central Bank President Jean-Claude Trichet again used the "strong vigilance" to describe thehigh inflation, but not giving any hints of raising the interest rate. He also emphasizedthat ECB has neverpre-committed to raising interest rates.At the same time, ECB lowered theexpected level of gross domestic product (GDP) and consumerprice index (CPI). The sell-offof Euro is emerging.

June 9, international gold closed slight higher.Due to theEuropean inflation pressure and the impact of the rising oil price, as well asthelackof any quick solutions for the debt crisis ofGreek, goldgot heated. Gold futuresrebounded slightly on this day.

Key Economic Data and Events:
GMT+8 14:45FranceIndustrial Production (April)
GMT+8 16:30UK Industrial Production (April)
GMT+8 16:30UK Producer Price Output Index (May)
GMT+8 19:00CanadaUnemployment Rate (May)
GMT+8 19:00U.S.Budget (May)
Gold:
Gold opened at 1537.20USD on Jun, with intra-day Low at1533.60USD and intra-day High at1549.36USD, eventually closing at 1544.30USD. Intra-day range of15.76USD was seen.

Gold maintained the oscillation at high price on Thursday and it closed slightly higher. The pattern of narrow sideways remains unchanged in short-term.

The long-term trend of gold is in contradiction with theform of medium-term, and there are many uncertainties. However, before the end of thislong-term uptrend, wecanmaintainthe idea of bullishin long-term.
We can temporarily determinethe pattern as a wide range oscillation in shortand medium-term.Wide range is located between 1460and 1576USD.
Trading suggestions:
Narrow rangecreates big impact.Investors could still consider buying between 1524 and 1557 USD.

HXPM Gold market reviews on 9 June, 2011: Repeated oscillation ends up in retreating

Daily Gold Review (2011.06.09): http://www.hx9999.com/en/trend_768.html

Market Reviews of the Previous Day:
During NY session on 8June, dollar index rebounded after touching the ground. The price was approaching the integral point of 74.00 Dollaragainst other major currencieshad both upward and downward situation. The Federal Reservechairman Ben Bernankeadmitted, the economic growth of the U.S. is lower than expected.However, not as what the market expected,he did not make any hints of introducingfurtherstimulusplan. Investors can pay attentionto the continuity of the dollar index.

June 8, international gold closed slight lower.Due to thestronger dollar and thefact that Bernanke's speechdisappointed investors, as well as being constrained by the technical factors, gold pricesfell slightlyon this day.

�Key Economic Data and Events:
GMT+8 19:00Bank of England interest ratedecision;
GMT+8 19:45Eurozone European Central Bank interest ratedecision;
GMT+8 20:30Eurozone European Central Bank President Jean-Claude Trichet press conference;
GMT+8 20:30U.S. trade balance (April).
Gold:

Gold opened at 1544.52USD on 8Jun, with intra-day Low at1531.22USD and intra-day High at1546.45USD, eventually closing at 1537.50USD. Intra-day range of15.23USD was seen.

There was still lack of upward momentum on Wednesday. The price went down to retest the recent trend line. Oscillation was maintained at the high price. It is expected that the range oscillation remains in short-term.
Suppressed by the technicalfactors,the trend is likely further downward testing the point at 1524 USD, which wasthe downside of partially extended range from 26 Mayand simultaneously the long-term upward trend line from 28 January, 2011.
The long-term trend of gold is in contradiction with theform of medium-term, and there are many uncertainties. However, before the end of thislong-term upward trend, wecould maintainthe idea of bullishin long-term.
We can temporarily determinethe pattern as a wide range oscillation in shortand medium-term.Wide range is located between 1460and1576USD.
Trading suggestions:
Investors could still consider to buy at 1524 USD.

HXPM Gold market reviews on 8 June, 2011: Lacking upward momentum ends up in retreating

Daily Gold Review (2011.06.08): http://www.hx9999.com/en/trend_766.html

Market Reviews of the Previous Day:
During NY session on 7June, dollar index continued the downside flutuation. Euro rose against dollar and investors remain cautious before the speech of the Federal Reservechairman Ben Bernanke.Dollaragainst other major currencieshad both upward and downward situation. Pay attention to the downward continuity of the dollar index.

June 7, international gold closed slight lower. As investors remain cautious before the speech of Federal Reserve chairman Ben Bernanke, and the market was constrained by the technicalfactors, gold pricesfell slightly on this day.

Key Economic Data and Events:
GMT+8 13:45Swiss unemployment rate (May)
GMT+8 14:00Germany trade balance (April)
GMT+8 14:45Francetrade balance (April)
GMT+8 17:00 Eurozone GDP revised value (first quarter)
GMT+8 18:00 Germany Industrial production(April)
GMT+8 20:15 CanadaHousing starts (May)
Gold:

Gold opened at 1544.93USD on 7Jun, with intra-day Low at1535.75USD and intra-day High at 1550.21USD, eventually closing at 1544.46USD. Intra-day range of14.46USD was seen.

The price retreated, and recent momentum was not seen.
Suppressed by the technicalfactors, the support is near the lower trend line of 1535 USD.� The further support is at the partially extended downside range of 1524 USD started from 26 May. The upside pressure is located at 1555-1570 USD.
The long-term trend of gold is in contradiction with theform of medium-term, and there are many uncertainties. However, before the end of the long-term upward trend, wecould maintainthe idea of bullishin long-term.
We can temporarily determinethe pattern as a wide range oscillation in shortand medium-term.Wide range is located between 1460and1576USD.
Trading suggestions:
Partial oscillation range is located between 1535 and 1555. If price falls below this range, it would test 1524 USD. Investors could try to buy near the trend line support.

HXPM Gold market reviews on 7 June, 2011: Soaring and retreating, but still lack of continuity

Daily Gold Review (2011.06.07): http://www.hx9999.com/en/trend_764.html

Market Reviews of the Previous Day:
The euro�fell�against the dollar. Thespeech of German�official�casted�doubtson�assistance program�for Greece, while�the technical�trend limited�the volatility of�the euro.�Currently the marketis waiting for�Bernanke's�speech and the�meeting of EuropeanCentral Bank�policy.Dollar index fell below the first support�of�74.17.�Please note the continuityof its downward trend.

June 6,�international gold�closed in rising. Since�the disclose of the data last week, including the U.S.�employmentand the real estate marketdownturn,�the U.S. economy�continued to slow down�the pace of recovery.�Hedge�funds will continue to�flow into�the gold market, but�the dollar index�against rose�about 0.3%on that day, so that�theincrease ofgold price�was limited.

Key Economic Data and Events:
GMT+8 12:30AustraliaFed�announces�decision on interest rates
GMT+8 15:15Swiss�consumer price index�(May)
GMT+8 17:00 Eurozone�retail sales(April)
GMT+8 18:00 German�manufacturing orders(April)
Gold

Gold opened at 1541.75USD on 6Jun, with intra-day Low at1540.90USD and intra-day High at 1553.57USD, eventually closing at 1544.85USD. Intra-day range of12.67USD was seen.

The price soared and then rebounded, and it fell in the uprising range between 17 May and 2 June.
Technically, gold is�still supported by the lowerMA.�Gold�is expected�to�graduallycontinue to�move along the�upper range.
The long-term trend�of gold�is in contradiction�with theform of�medium-term,�and there are many uncertainties. However, before the end of the long-term upward trend, wecould maintainthe idea of�bullishin long-term.
We could�determinethe pattern as a wide range oscillation in shortand medium-term.Wide�range�is located between�1460and1576U.S. dollars.
Trading suggestions:
Investors can hold reasonably the gold buyingatthesupport�level last week. The pressure�is located between 1554�and�1570.�Gold is still�considered�in a large�range of�fluctuation.Investor with short position could consider the range trading in the above situation.

HXPM Gold market reviews on 6 June, 2011: Retesting the support, back to oscillation

Daily Gold Review (2011.06.06): http://www.hx9999.com/en/trend_761.html

Market Reviews of the Previous Day:
During NY session on 3Jun,�dollar as well asothermajor currencieswent down due to the disappointed U.S. payrolls data, while Greece�wasexpected to receive�new�aid�funds which forecaststhe euro�agains dollar�may hit�a�monthly�high.�Dollar index fells below the first support�of�74.1.�Please note the continuityof its downward trend.

June 3,�international gold�closed in rising. As investors�increasingly worriesabout�the slowdown of�U.S. economic growth, spot�gold�jumped�more than�20 U.S. dollars,followed by high consolidation.

Key Economic Data and Events:
GMT+8 15:30U.S.�Fed�Plosser�speech
GMT+8 17:00 Eurozone�Producer Price Index (April)
GMT+8 20:30 U.K. Canada Building permitsIndex (April)
GMT+8 22:00 U.S. Canada�Ivey�Purchasing Managers Index(May)
Gold:
Gold opened at 1533.10USD on 3Jun, with intra-day Low at 1524.46USD and intra-day High at 1545.72USD, eventually closing at 1541.88USD. Intra-day range of21.26USD was seen.
The price rebounds again after it retested below the support of 1526 on Friday. Side oscillation was partially significant.
U.S. payrolls�data in May increased by only�54 thousand. Investors�believe that the U.S.�economic recoveryis still�relatively�unstable. Additional to the fact that the�Federal Reserve will�cancelthe Quantitative Easing Monetary Policyin June,�investors�increasingly worries aboutthe U.S. economy in the post-QE2period. Theyalso�believethatthe Fed�willmaintain the current low interest rate as to a low record in the coming longer period of time.
Technically,�the price of goldwouldnot change�the direction of�upward oscillation before it�falls below�1,526.47and�rises above the key point of1514.89in the day chart.
The long-term trend�of gold�is in contradiction�with theform of�medium-term,�and there are many uncertainties. However, before the end of the long-term upward trend, wecould maintainthe idea of�bullishin long-term.
We could�determinethe pattern as a wide oscillation in shortand medium-term.Wide�range�is located between�1460and1576U.S. dollars.
Trading suggestions:
Investors can hold reasonably the gold buyingatthesupport�level last week. The pressure�is located between 1550�and�1560.�Gold is still�considered�in a large�range of�fluctuation.

HXPM Gold Weekly Gold Review 110606: Price traded in choppy consolidation, stabled tentatively

Weekly Gold Review (2011.06.06):  http://www.hx9999.com/en/comment_week_763.html

No sufficient change in trends was seen last week. Key support of 1,520 USD stayed but sentiment did not seem to be definitely positive. Market news mixed and range narrowed. The difference between the weekly low and high of gold, at which 1,519.50 and 1,550.50 USD respectively, was 30 USD only. In the early last week the commodity was supposed to continued uptrend developed in the previous session. Yet deteriorating U.S. economic data, say purchasing manager’s index falling 6.9 to 53.5, and underperformance of property market, signified the possibility of double-dip recession. The upside momentum of gold was therefore hindered.
Prices of the metals were under the impact of changes in dollar. On Wednesday the greenback tumbled and gold reached the weekly high of 1,550.50 USD. While on Thursday the highest was 1,544.50 USD and fell to as low as 1,519.50 USD which was the weekly low within the day. Market sentiment was mixed and the commodity tended to perform in choppy movement. Closing on Friday was at 1,542 USD.
Silver once rose to 38.80 USD on Tuesday but retreated sharply afterward. Price stepped down to 36.30 USD on Wednesday, 35.60 USD on Thursday, and 35.50 USD on Friday. As the level of 35 USD was maintained the commodity finally recovered, closing at 36.20 USD.
Last week the greenback rose early and then fell. Euro recovered to 1.4650 later in the week and closed at 1.4635, which might favor the metals. Performance of dollar should be observed. Technically gold might test the pressure under 1,560 USD. Correction should continue as long as the resistant level held. Lower support should be located at 1,515 USD. Another downtrend would be structured if the level was breached. Range should shift to 1,520-1,560 USD in the coming week. while silver should be less positive compared with gold. price was likely to test the previous weekly low of 35 USD with range within 34.50-37 USD.

HXPM Gold market reviews on 3 June, 2011: Larger scale of correction

Daily Gold Review (2011.06.03): http://www.hx9999.com/en/trend_759.html

Market Reviews of the Pervious Day:
During NY session on 2 Jun, dollar index approached the support of 74.17. Some clues of financial aid to Greece was seen that euro rose to hit the 1-month high. Direction of dollar index around support was under observation.

Gold closed in red on 2 Jun and correction momentum increased. The U.S. weekly initial jobless claims had had a reduction of 6,000 to 422 thousand of population. Defensive demand on economic recovery woes lessened which was unfavourable to the commodity.

Key Economic Data and Events:
GMT+8 15:55 Germany Services Purchasing Manager's Index (May)
GMT+8 16:00 Euro Zone Services Purchasing Manager's Index (May)
GMT+8 16:30 U.K. Services Purchasing Manager's Index (May)
GMT+8 20:30 U.S. Non-Agricultural employment (May, Previous Value 244 Thousands)
GMT+8 20:30 U.S. Unemployment (May)
GMT+8 22:00 U.S. ISM Non-Manufacturing Index (May)
Gold:
Gold opened at 1539.85 USD on 2 Jun, with intra-day Low at 1520.65USD and intra-day High at 1544.40 USD, eventually closing at 1533.56 USD. Intra-day range of 23.75 USD was seen.
Correction momentum increased on Thursday. On lacking technical momentum selling the rally occured after rising in the previous session.
Yet closing stayed above the level of 1526.47 USD though trend weakened. Sideway uptrend should remain if the key support of 1514.89 USD in daily chart held.
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:
Technically investors should observe opportunities to buy and place stop loss below 1514.89 USD.