Market Reviews of the Previous Day:
During NY session on 14 June, the dollar rebounded at the key support in short-term. The rebound of the Euro was still in great uncertainty. Market turned to repeated oscillation. The intensive technical support and resistance restricted the price continuity. The price was also affected by the public opinion and other market factors.
GMT+8 17:00 Eurozone Industrial Production (April)
GMT+8 20:30 Canada Manufacturing New Orders (April)
GMT+8 20:30 U.S. Consumer Price Index (May)
GMT+8 21:00 U.S. Long-term Net Capital Inflows, with pre-value 24 billion USD (April)
GMT+8 21:15 U.S. Industrial Production Value, with pre-value 0.0%/month (May)
Gold:
Gold opened at 1515.99 USD on 14 Jun, with intra-day Low at 1512.32 USD and intra-day High at 1526.16 USD, eventually closing at 1523.20 USD. Intra-day range of 13.83 USD was seen.
On Tuesday, the price reached the upward trend line from 28 January, 2011, which turned to be a resistance after the breakthrough, but downside continuity was not seen. There were buy orders on the upside of the low price of Monday and the price rebounded. The market pattern was in strong repetition.
The current partial oscillation is between 1533 and 1511 USD. The lower levels are at 1505, 1472.6 and 1462.
Trading suggestions:
Without downward continuity yesterday, the partial oscillation range is between 1533 and 1511 USD. Range trading is temporarily suggested. During the market turmoil, investors could pay attention to position management rather than operation.
During NY session on 14 June, the dollar rebounded at the key support in short-term. The rebound of the Euro was still in great uncertainty. Market turned to repeated oscillation. The intensive technical support and resistance restricted the price continuity. The price was also affected by the public opinion and other market factors.
June 14, international gold closed slightly higher. The concerns of inflation and the weakening dollar were increasing. The release of a series of economic data in China the same day also raised market concerns on the global inflation. Investors therefore purchase the gold in order to hedge against inflation.
Key Economic Data and Events:GMT+8 17:00 Eurozone Industrial Production (April)
GMT+8 20:30 Canada Manufacturing New Orders (April)
GMT+8 20:30 U.S. Consumer Price Index (May)
GMT+8 21:00 U.S. Long-term Net Capital Inflows, with pre-value 24 billion USD (April)
GMT+8 21:15 U.S. Industrial Production Value, with pre-value 0.0%/month (May)
Gold:
Gold opened at 1515.99 USD on 14 Jun, with intra-day Low at 1512.32 USD and intra-day High at 1526.16 USD, eventually closing at 1523.20 USD. Intra-day range of 13.83 USD was seen.
On Tuesday, the price reached the upward trend line from 28 January, 2011, which turned to be a resistance after the breakthrough, but downside continuity was not seen. There were buy orders on the upside of the low price of Monday and the price rebounded. The market pattern was in strong repetition.
The current partial oscillation is between 1533 and 1511 USD. The lower levels are at 1505, 1472.6 and 1462.
The long-term trend of gold is in contradiction with the form of medium-term, and there are many uncertainties. However, before the end of this long-term uptrend, we can maintain the idea of bullish in long-term.
We can temporarily determine the pattern as a wide range oscillation in short and medium-term. Wide range is located between 1460 and 1576 USD. Due to the loss of the upward momentum, and the previous suppression of the technical indicators, gold may retreat.Trading suggestions:
Without downward continuity yesterday, the partial oscillation range is between 1533 and 1511 USD. Range trading is temporarily suggested. During the market turmoil, investors could pay attention to position management rather than operation.
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