Market Reviews of the Previous Day:
During NY session on 8June, dollar index rebounded after touching the ground. The price was approaching the integral point of 74.00 Dollaragainst other major currencieshad both upward and downward situation. The Federal Reservechairman Ben Bernankeadmitted, the economic growth of the U.S. is lower than expected.However, not as what the market expected,he did not make any hints of introducingfurtherstimulusplan. Investors can pay attentionto the continuity of the dollar index.
GMT+8 19:00Bank of England interest ratedecision;
GMT+8 19:45Eurozone European Central Bank interest ratedecision;
GMT+8 20:30Eurozone European Central Bank President Jean-Claude Trichet press conference;
GMT+8 20:30U.S. trade balance (April).
Gold:
Suppressed by the technicalfactors,the trend is likely further downward testing the point at 1524 USD, which wasthe downside of partially extended range from 26 Mayand simultaneously the long-term upward trend line from 28 January, 2011.
The long-term trend of gold is in contradiction with theform of medium-term, and there are many uncertainties. However, before the end of thislong-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:
Investors could still consider to buy at 1524 USD.
During NY session on 8June, dollar index rebounded after touching the ground. The price was approaching the integral point of 74.00 Dollaragainst other major currencieshad both upward and downward situation. The Federal Reservechairman Ben Bernankeadmitted, the economic growth of the U.S. is lower than expected.However, not as what the market expected,he did not make any hints of introducingfurtherstimulusplan. Investors can pay attentionto the continuity of the dollar index.
June 8, international gold closed slight lower.Due to thestronger dollar and thefact that Bernanke's speechdisappointed investors, as well as being constrained by the technical factors, gold pricesfell slightlyon this day.
�Key Economic Data and Events:GMT+8 19:00Bank of England interest ratedecision;
GMT+8 19:45Eurozone European Central Bank interest ratedecision;
GMT+8 20:30Eurozone European Central Bank President Jean-Claude Trichet press conference;
GMT+8 20:30U.S. trade balance (April).
Gold:
Gold opened at 1544.52USD on 8Jun, with intra-day Low at1531.22USD and intra-day High at1546.45USD, eventually closing at 1537.50USD. Intra-day range of15.23USD was seen.
There was still lack of upward momentum on Wednesday. The price went down to retest the recent trend line. Oscillation was maintained at the high price. It is expected that the range oscillation remains in short-term.Suppressed by the technicalfactors,the trend is likely further downward testing the point at 1524 USD, which wasthe downside of partially extended range from 26 Mayand simultaneously the long-term upward trend line from 28 January, 2011.
The long-term trend of gold is in contradiction with theform of medium-term, and there are many uncertainties. However, before the end of thislong-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:
Investors could still consider to buy at 1524 USD.
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