Market Reviews of the Previous Day:
During NY session on 20 June, Eurozone finance ministers have already agreed on the details of the framework on the European stability mechanism. At the same time, IMF raised Eurozone's GDP expectation. The focus on risk-aversion in the market was therefore reduced. Non-US currencies rebounded at the low price.� We are now waiting for the Fed meeting on interest rate and a vote of confidence for Papandreou cabinet.
GMT+8 16:30 UK Public Sector Net Borrowing (May)
GMT+8 17:00 German ZEW Economic Sentiment Index (June)
GMT+8 17:00 Eurozone ZEW Economic Sentiment Index (June)
GMT+8 17:30 Swiss KOF Economic Forecast (June)
GMT+8 20:30 Canadian Retail Sales (April)
GMT+8 20:30 Canada Leading Indicator (May)
GMT+8 22:00 U.S. Existing Home Sales (May)
Gold:
Gold opened at 1538.60 USD on 20 Jun, with intra-day Low at 1533.11 USD and intra-day High at 1545.38 USD, eventually closing at 1540.68 USD. Intra-day range of 12.27 USD was seen.
The initial consolidation seems to appear on the daily chart. Before the change of this long-term uptrend, supports were easily found. The whole pattern was in wide range oscillation.
The upside range after initial consolidation is along the connection of high levels of May 2 and June 6, 2011, but the downside is still uncertain. The one connected low levels of May 5 and May 17 and also the one connected May 17 and June 13 can be regarded as the downside range.
Trading suggestions:
The up resistance is at the connection of the high levels of May 2 and June 6, nearly 1545 USD. Once breaking, the gold would reach 1576, which is a good opportunity for trading. Before that, investors could consider selling on the upside range.
During NY session on 20 June, Eurozone finance ministers have already agreed on the details of the framework on the European stability mechanism. At the same time, IMF raised Eurozone's GDP expectation. The focus on risk-aversion in the market was therefore reduced. Non-US currencies rebounded at the low price.� We are now waiting for the Fed meeting on interest rate and a vote of confidence for Papandreou cabinet.
June 20, international gold closed slightly higher, due to concerns about Greece and increasing uncertainties. The debt crisis of Greece and its sovereign affected the risk sentiment in the market. The technical trend continued.
Key Economic Data and Events:GMT+8 16:30 UK Public Sector Net Borrowing (May)
GMT+8 17:00 German ZEW Economic Sentiment Index (June)
GMT+8 17:00 Eurozone ZEW Economic Sentiment Index (June)
GMT+8 17:30 Swiss KOF Economic Forecast (June)
GMT+8 20:30 Canadian Retail Sales (April)
GMT+8 20:30 Canada Leading Indicator (May)
GMT+8 22:00 U.S. Existing Home Sales (May)
Gold:
Gold opened at 1538.60 USD on 20 Jun, with intra-day Low at 1533.11 USD and intra-day High at 1545.38 USD, eventually closing at 1540.68 USD. Intra-day range of 12.27 USD was seen.
Gold rose on Friday, but it reached the connection of high levels of May 2 and June 6, 2011 and retreated.
There was less market news yesterday. Investors remained cautious before the Federal Reserve meeting on interest rate.The initial consolidation seems to appear on the daily chart. Before the change of this long-term uptrend, supports were easily found. The whole pattern was in wide range oscillation.
The upside range after initial consolidation is along the connection of high levels of May 2 and June 6, 2011, but the downside is still uncertain. The one connected low levels of May 5 and May 17 and also the one connected May 17 and June 13 can be regarded as the downside range.
Trading suggestions:
The up resistance is at the connection of the high levels of May 2 and June 6, nearly 1545 USD. Once breaking, the gold would reach 1576, which is a good opportunity for trading. Before that, investors could consider selling on the upside range.
No comments:
Post a Comment