Market Reviews of the Previous Day:
During NY session on 16 June, The concern of Greece possibly breaching the contract led to a low record of the euro against Swiss franc. The euro against the dollar had better performance before closing. The U.S. index reached the long-term downtrend line and retreated. During the early Asian session on 17 June, the euro against the dollar rebounded from the low level 1.4074 USD to 1.42 nearby.
GMT+8 17:00 Eurozone Trade Balance (April)
GMT+8 21:55 U.S. Consumer Confidence Index from University of Michigan (June)
GMT+8 22:00 U.S. Conference Board Leading Indicators (May)
Gold:
Gold opened at 1530.92 USD on 16 Jun, with intra-day Low at 1522.55 USD and intra-day High at 1532.60 USD, eventually closing at 1529.14 USD. Intra-day range of 10.05 USD was seen.
Gold on Thursday, it continued the oscillation range between 1533 and 1511 USD. The market was in strong repetition. Investors worried the volatility of the recent sessions. There is a possibility of forming the flag pattern. The upper range is near 1537.
Trading suggestions:
The partial oscillation range is between 1533 and 1511 USD. Range trading is temporarily suggested. Investors could buy near 1533-1537. The lower level is at 1500. During the market turmoil, investors could pay attention to the position management rather than opening position.
During NY session on 16 June, The concern of Greece possibly breaching the contract led to a low record of the euro against Swiss franc. The euro against the dollar had better performance before closing. The U.S. index reached the long-term downtrend line and retreated. During the early Asian session on 17 June, the euro against the dollar rebounded from the low level 1.4074 USD to 1.42 nearby.
June 16, international gold closed slightly lower. It remained the pattern of partial range oscillation. The market risk aversion and a stronger dollar in short-term affected the gold's trend.
Key Economic Data and Events:GMT+8 17:00 Eurozone Trade Balance (April)
GMT+8 21:55 U.S. Consumer Confidence Index from University of Michigan (June)
GMT+8 22:00 U.S. Conference Board Leading Indicators (May)
Gold:
Gold opened at 1530.92 USD on 16 Jun, with intra-day Low at 1522.55 USD and intra-day High at 1532.60 USD, eventually closing at 1529.14 USD. Intra-day range of 10.05 USD was seen.
Gold on Thursday, it continued the oscillation range between 1533 and 1511 USD. The market was in strong repetition. Investors worried the volatility of the recent sessions. There is a possibility of forming the flag pattern. The upper range is near 1537.
Before the change of long-term rising trend of gold, many supports are seen and the whole pattern is in the form of wide range oscillation. Pay attention to the daily chart for any narrowing adjustments.
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.Trading suggestions:
The partial oscillation range is between 1533 and 1511 USD. Range trading is temporarily suggested. Investors could buy near 1533-1537. The lower level is at 1500. During the market turmoil, investors could pay attention to the position management rather than opening position.
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