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.
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.
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.
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.
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