Market Reviews of the Previous Day:
During NY session on 22 June, U.S. dollar went higher against major currencies. Market continued the previous technical trend after settling down the risk incidents
The Fed said interest rate will be kept in an extremely low level over a longer period. As what the members voted unanimously in the meeting, it is in the range of 0-0.25%. The Fed also said that the bond purchase plan will be finished at the end of June, but they will continue to re-invest the return of the existing bond when its maturity date arrives.
Fed officials lowered the expectation for the U.S. economic growth. Bernanke's speech triggered concerns on market recovery in the U.S. and the global economy. The market sentiment was therefore affected and the dollar overall went high.
GMT+8 15:30 Germany Manufacturing PMI (June)
GMT+8 16:00 Eurozone Manufacturing PMI (June)
GMT+8 20:30 Weekly Claims for Unemployment Benefits (June 18)
GMT+8 22:00 New Home Sales Value, pre-value 323,000 (May)
Gold:
Gold opened at 1548.63 USD on 22 Jun, with intra-day Low at 1541.45 USD and intra-day High at 1558.00 USD, eventually closing at 1548.63 USD. Intra-day range of 16.55USD was seen.
Before the change of gold's long-term uptrend, supports were easily found. The whole pattern was in wide range oscillation.
Trading suggestions:
After breaking the upside of the consolidation, the upper level will be at 1576 USD. It is a good opportunity for buying. The stop-loss could be at 1538. Investors should pay attention to the suppression of the uptrend range from 14 June.
During NY session on 22 June, U.S. dollar went higher against major currencies. Market continued the previous technical trend after settling down the risk incidents
The Fed said interest rate will be kept in an extremely low level over a longer period. As what the members voted unanimously in the meeting, it is in the range of 0-0.25%. The Fed also said that the bond purchase plan will be finished at the end of June, but they will continue to re-invest the return of the existing bond when its maturity date arrives.
Fed officials lowered the expectation for the U.S. economic growth. Bernanke's speech triggered concerns on market recovery in the U.S. and the global economy. The market sentiment was therefore affected and the dollar overall went high.
June 22, international gold closed higher. Since FOMC maintained the Loose Monetary Policy, the concern for the Fed raising interest rate may be released. Gold surged after the announcement of the policy.
Key Economic Data and Events:GMT+8 15:30 Germany Manufacturing PMI (June)
GMT+8 16:00 Eurozone Manufacturing PMI (June)
GMT+8 20:30 Weekly Claims for Unemployment Benefits (June 18)
GMT+8 22:00 New Home Sales Value, pre-value 323,000 (May)
Gold:
Gold opened at 1548.63 USD on 22 Jun, with intra-day Low at 1541.45 USD and intra-day High at 1558.00 USD, eventually closing at 1548.63 USD. Intra-day range of 16.55USD was seen.
Gold surged on Wednesday, but quickly retreated. The upside was capped by a strong selling pressure. It was not able to break the resistance of uptrend range from 14 June. Closing at a long cross line, it adversely affected gold prices.
Although the initial consolidation appeared in the daily chart, it tells only about the direction, and the trend will be determined step by step.Before the change of gold's long-term uptrend, supports were easily found. The whole pattern was in wide range oscillation.
Trading suggestions:
After breaking the upside of the consolidation, the upper level will be at 1576 USD. It is a good opportunity for buying. The stop-loss could be at 1538. Investors should pay attention to the suppression of the uptrend range from 14 June.
No comments:
Post a Comment