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.
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.
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.
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.
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