Market Reviews of the Pervious Day:
During NY session on 1 Jun, dollar index sharply rebound upon supporting level. Euro tumbled on technical factors and the third consecutive downgrade of Greece crredit rating. Direction of dollar index around support was under observation.
GMT+8 20:30 U.S. Unit Labour Costs (1st Q)
GMT+8 20:30 U.S. Non-Agricultural Labour Productivity (1st Q, Previous Value 1.6%)
GMT+8 20:30 U.S. Initial Weekly Jobless Claims (28 May)
GMT+8 20:30 U.S. Industrial Orders (Apr)
Gold:
Gold opened at 1539.91 USD on 1 Jun, with intra-day Low at 1529.40USD and intra-day High at 1550.13 USD, eventually closing at 1539.91 USD. Intra-day range of 20.73 USD was seen.
On Wednesday gold retreated from rally and partially change in momentum occured in short run. The U.S. economic data reported on 1 Jun was disappointed yet the greenback sharply reversed upward along the technical trend.
Nevertheless no long term downside momentum was seen and it was more likely to be short-term correction at rally. Key lower support was located at 1529.40 USD.
Uncertainties existed as pattern in long run and medium run diverged. Long-term strategy should dominate as long run uptrend remained.
While in the medium-short run the commodity was trading in wide range oscillation. Wide range should be located between 1460-1576 USD.
During NY session on 1 Jun, dollar index sharply rebound upon supporting level. Euro tumbled on technical factors and the third consecutive downgrade of Greece crredit rating. Direction of dollar index around support was under observation.
Gold opened and closed at almost the same level on 1 Jun. Depressive employment and manufacturing data suppressed the stock market. The metal regain support from defensive demand. yet price was hindered by technical rebound of greenback.
Key Economic Data and Events:GMT+8 20:30 U.S. Unit Labour Costs (1st Q)
GMT+8 20:30 U.S. Non-Agricultural Labour Productivity (1st Q, Previous Value 1.6%)
GMT+8 20:30 U.S. Initial Weekly Jobless Claims (28 May)
GMT+8 20:30 U.S. Industrial Orders (Apr)
Gold:
Gold opened at 1539.91 USD on 1 Jun, with intra-day Low at 1529.40USD and intra-day High at 1550.13 USD, eventually closing at 1539.91 USD. Intra-day range of 20.73 USD was seen.
On Wednesday gold retreated from rally and partially change in momentum occured in short run. The U.S. economic data reported on 1 Jun was disappointed yet the greenback sharply reversed upward along the technical trend.
Nevertheless no long term downside momentum was seen and it was more likely to be short-term correction at rally. Key lower support was located at 1529.40 USD.
Uncertainties existed as pattern in long run and medium run diverged. Long-term strategy should dominate as long run uptrend remained.
While in the medium-short run the commodity was trading in wide range oscillation. Wide range should be located between 1460-1576 USD.
Trading suggestions:
Long positions may be suggested to place a trailing stop or limit order to lock in the profit. Movement within wide range should be awared. Opportunities for selling would be available if upper of range is breached and price heads to 1576 USD.
No comments:
Post a Comment