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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.
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.
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.
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.
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