Market Reviews of the Previous Day:
During NY session on 24 June, the U.S. dollar was in upward oscillation in the previous trading day. The positive impact of Greece dissipated and the euro went down. Since market concerned that euro zone debt crisis spread to stock market and also the commodity markets tumbled, the euro closed at the weekly low level. Breakthrough signal was not seen so that the overall pattern in the market will continue the previous technical trend.
GMT+8 14:00 Germany Retail Sales, pre-value 0.6%/ month and 3.6%/ year (May)
GMT+8 20:30 U.S. Consumer Spending, pre-value 0.4% / month (May)
Gold:
Gold opened at 1521.25 USD on 24 Jun, with intra-day low at 1498. 90 USD and intra-day high at 1525.50 USD, eventually closing at 1502.02 USD. Intra-day range of 26.60 USD was seen.
Before the change of gold's long-term uptrend, the whole pattern was in wide range oscillation.
Trading suggestions:
Gold fell below the support at 1,511 USD, which is expected to have further downward oscillation. Investors could appropriately sell when the price reverses. The targets would be 1472.60 and 1463.
During NY session on 24 June, the U.S. dollar was in upward oscillation in the previous trading day. The positive impact of Greece dissipated and the euro went down. Since market concerned that euro zone debt crisis spread to stock market and also the commodity markets tumbled, the euro closed at the weekly low level. Breakthrough signal was not seen so that the overall pattern in the market will continue the previous technical trend.
June 24, international gold closed sharply lower. The concern on Greek debt crisis prompted investors to sell off higher-risk assets. Gold appeared to have downward movement. Downward oscillation is more likely to appear.
Key Economic Data and Events:GMT+8 14:00 Germany Retail Sales, pre-value 0.6%/ month and 3.6%/ year (May)
GMT+8 20:30 U.S. Consumer Spending, pre-value 0.4% / month (May)
Gold:
Gold opened at 1521.25 USD on 24 Jun, with intra-day low at 1498. 90 USD and intra-day high at 1525.50 USD, eventually closing at 1502.02 USD. Intra-day range of 26.60 USD was seen.
Gold closed lower on last Friday. The concerns on Greek debt crisis prompted investors to sell off high-risk assets. Moody's has warned the Italian banking sector of possibly lowering the ratings of 16 Italian banks, which raised concerns about the European financial system. It has dampened investors' interest on high-risk assets such as stock market, commodities and so on.
After breaking the support at 1511 USD, the range of fluctuation went down. Lower supports will be between 1472.6 and 1463. Observed from the recent pattern, market is still in strong repetition.Before the change of gold's long-term uptrend, the whole pattern was in wide range oscillation.
Trading suggestions:
Gold fell below the support at 1,511 USD, which is expected to have further downward oscillation. Investors could appropriately sell when the price reverses. The targets would be 1472.60 and 1463.
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