Market Reviews of the Previous Day:
During NY session on 7June, dollar index continued the downside flutuation. Euro rose against dollar and investors remain cautious before the speech of the Federal Reservechairman Ben Bernanke.Dollaragainst other major currencieshad both upward and downward situation. Pay attention to the downward continuity of the dollar index.
GMT+8 13:45Swiss unemployment rate (May)
GMT+8 14:00Germany trade balance (April)
GMT+8 14:45Francetrade balance (April)
GMT+8 17:00 Eurozone GDP revised value (first quarter)
GMT+8 18:00 Germany Industrial production(April)
GMT+8 20:15 CanadaHousing starts (May)
Gold:
Suppressed by the technicalfactors, the support is near the lower trend line of 1535 USD.� The further support is at the partially extended downside range of 1524 USD started from 26 May. The upside pressure is located at 1555-1570 USD.
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 can temporarily determinethe pattern as a wide range oscillation in shortand medium-term.Wide range is located between 1460and1576USD.
Trading suggestions:
Partial oscillation range is located between 1535 and 1555. If price falls below this range, it would test 1524 USD. Investors could try to buy near the trend line support.
During NY session on 7June, dollar index continued the downside flutuation. Euro rose against dollar and investors remain cautious before the speech of the Federal Reservechairman Ben Bernanke.Dollaragainst other major currencieshad both upward and downward situation. Pay attention to the downward continuity of the dollar index.
June 7, international gold closed slight lower. As investors remain cautious before the speech of Federal Reserve chairman Ben Bernanke, and the market was constrained by the technicalfactors, gold pricesfell slightly on this day.
Key Economic Data and Events:GMT+8 13:45Swiss unemployment rate (May)
GMT+8 14:00Germany trade balance (April)
GMT+8 14:45Francetrade balance (April)
GMT+8 17:00 Eurozone GDP revised value (first quarter)
GMT+8 18:00 Germany Industrial production(April)
GMT+8 20:15 CanadaHousing starts (May)
Gold:
Gold opened at 1544.93USD on 7Jun, with intra-day Low at1535.75USD and intra-day High at 1550.21USD, eventually closing at 1544.46USD. Intra-day range of14.46USD was seen.
The price retreated, and recent momentum was not seen.Suppressed by the technicalfactors, the support is near the lower trend line of 1535 USD.� The further support is at the partially extended downside range of 1524 USD started from 26 May. The upside pressure is located at 1555-1570 USD.
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 can temporarily determinethe pattern as a wide range oscillation in shortand medium-term.Wide range is located between 1460and1576USD.
Trading suggestions:
Partial oscillation range is located between 1535 and 1555. If price falls below this range, it would test 1524 USD. Investors could try to buy near the trend line support.
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