Market Reviews of the Previous Day:
During NY session on 3Jun,�dollar as well asothermajor currencieswent down due to the disappointed U.S. payrolls data, while Greece�wasexpected to receive�new�aid�funds which forecaststhe euro�agains dollar�may hit�a�monthly�high.�Dollar index fells below the first support�of�74.1.�Please note the continuityof its downward trend.
GMT+8 15:30U.S.�Fed�Plosser�speech
GMT+8 17:00 Eurozone�Producer Price Index (April)
GMT+8 20:30 U.K. Canada Building permitsIndex (April)
GMT+8 22:00 U.S. Canada�Ivey�Purchasing Managers Index(May)
Gold:
Gold opened at 1533.10USD on 3Jun, with intra-day Low at 1524.46USD and intra-day High at 1545.72USD, eventually closing at 1541.88USD. Intra-day range of21.26USD was seen.
The price rebounds again after it retested below the support of 1526 on Friday. Side oscillation was partially significant.
U.S. payrolls�data in May increased by only�54 thousand. Investors�believe that the U.S.�economic recoveryis still�relatively�unstable. Additional to the fact that the�Federal Reserve will�cancelthe Quantitative Easing Monetary Policyin June,�investors�increasingly worries aboutthe U.S. economy in the post-QE2period. Theyalso�believethatthe Fed�willmaintain the current low interest rate as to a low record in the coming longer period of time.
Technically,�the price of goldwouldnot change�the direction of�upward oscillation before it�falls below�1,526.47and�rises above the key point of1514.89in the day chart.
The long-term trend�of gold�is in contradiction�with theform of�medium-term,�and there are many uncertainties. However, before the end of the long-term upward trend, wecould maintainthe idea of�bullishin long-term.
We could�determinethe pattern as a wide oscillation in shortand medium-term.Wide�range�is located between�1460and1576U.S. dollars.
Trading suggestions:
Investors can hold reasonably the gold buyingatthesupport�level last week. The pressure�is located between 1550�and�1560.�Gold is still�considered�in a large�range of�fluctuation.
During NY session on 3Jun,�dollar as well asothermajor currencieswent down due to the disappointed U.S. payrolls data, while Greece�wasexpected to receive�new�aid�funds which forecaststhe euro�agains dollar�may hit�a�monthly�high.�Dollar index fells below the first support�of�74.1.�Please note the continuityof its downward trend.
June 3,�international gold�closed in rising. As investors�increasingly worriesabout�the slowdown of�U.S. economic growth, spot�gold�jumped�more than�20 U.S. dollars,followed by high consolidation.
Key Economic Data and Events:GMT+8 15:30U.S.�Fed�Plosser�speech
GMT+8 17:00 Eurozone�Producer Price Index (April)
GMT+8 20:30 U.K. Canada Building permitsIndex (April)
GMT+8 22:00 U.S. Canada�Ivey�Purchasing Managers Index(May)
Gold:
Gold opened at 1533.10USD on 3Jun, with intra-day Low at 1524.46USD and intra-day High at 1545.72USD, eventually closing at 1541.88USD. Intra-day range of21.26USD was seen.
The price rebounds again after it retested below the support of 1526 on Friday. Side oscillation was partially significant.
U.S. payrolls�data in May increased by only�54 thousand. Investors�believe that the U.S.�economic recoveryis still�relatively�unstable. Additional to the fact that the�Federal Reserve will�cancelthe Quantitative Easing Monetary Policyin June,�investors�increasingly worries aboutthe U.S. economy in the post-QE2period. Theyalso�believethatthe Fed�willmaintain the current low interest rate as to a low record in the coming longer period of time.
Technically,�the price of goldwouldnot change�the direction of�upward oscillation before it�falls below�1,526.47and�rises above the key point of1514.89in the day chart.
The long-term trend�of gold�is in contradiction�with theform of�medium-term,�and there are many uncertainties. However, before the end of the long-term upward trend, wecould maintainthe idea of�bullishin long-term.
We could�determinethe pattern as a wide oscillation in shortand medium-term.Wide�range�is located between�1460and1576U.S. dollars.
Trading suggestions:
Investors can hold reasonably the gold buyingatthesupport�level last week. The pressure�is located between 1550�and�1560.�Gold is still�considered�in a large�range of�fluctuation.
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