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