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.
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.
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.
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.
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