Market Reviews of the Pervious Day:
During NY session on 2 Jun, dollar index approached the support of 74.17. Some clues of financial aid to Greece was seen that euro rose to hit the 1-month high. Direction of dollar index around support was under observation.
GMT+8 15:55 Germany Services Purchasing Manager's Index (May)
GMT+8 16:00 Euro Zone Services Purchasing Manager's Index (May)
GMT+8 16:30 U.K. Services Purchasing Manager's Index (May)
GMT+8 20:30 U.S. Non-Agricultural employment (May, Previous Value 244 Thousands)
GMT+8 20:30 U.S. Unemployment (May)
GMT+8 22:00 U.S. ISM Non-Manufacturing Index (May)
Gold:
Gold opened at 1539.85 USD on 2 Jun, with intra-day Low at 1520.65USD and intra-day High at 1544.40 USD, eventually closing at 1533.56 USD. Intra-day range of 23.75 USD was seen.
Correction momentum increased on Thursday. On lacking technical momentum selling the rally occured after rising in the previous session.
Yet closing stayed above the level of 1526.47 USD though trend weakened. Sideway uptrend should remain if the key support of 1514.89 USD in daily chart held.
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:
Technically investors should observe opportunities to buy and place stop loss below 1514.89 USD.
During NY session on 2 Jun, dollar index approached the support of 74.17. Some clues of financial aid to Greece was seen that euro rose to hit the 1-month high. Direction of dollar index around support was under observation.
Gold closed in red on 2 Jun and correction momentum increased. The U.S. weekly initial jobless claims had had a reduction of 6,000 to 422 thousand of population. Defensive demand on economic recovery woes lessened which was unfavourable to the commodity.
Key Economic Data and Events:GMT+8 15:55 Germany Services Purchasing Manager's Index (May)
GMT+8 16:00 Euro Zone Services Purchasing Manager's Index (May)
GMT+8 16:30 U.K. Services Purchasing Manager's Index (May)
GMT+8 20:30 U.S. Non-Agricultural employment (May, Previous Value 244 Thousands)
GMT+8 20:30 U.S. Unemployment (May)
GMT+8 22:00 U.S. ISM Non-Manufacturing Index (May)
Gold:
Gold opened at 1539.85 USD on 2 Jun, with intra-day Low at 1520.65USD and intra-day High at 1544.40 USD, eventually closing at 1533.56 USD. Intra-day range of 23.75 USD was seen.
Correction momentum increased on Thursday. On lacking technical momentum selling the rally occured after rising in the previous session.
Yet closing stayed above the level of 1526.47 USD though trend weakened. Sideway uptrend should remain if the key support of 1514.89 USD in daily chart held.
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:
Technically investors should observe opportunities to buy and place stop loss below 1514.89 USD.
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