Oscillating at high level, and waiting the further direction in short-term

Market Reviews of the Previous Day:
During NY session on 28 July, due to the downturn of the European economic data, and the surging cost of borrowing in Italy, investors worried that the Eurozone debt crisis is spreading. The euro fell against all the major currencies. Investors are waiting for the negotiation of the U.S. debt ceiling.
Market basically continued the previous technical trend. There are still many uncertainties in the future. The recent repeated oscillation in the wide rangemaintained.

July 27, international gold closed slightly higher, adjusting at high level. The U.S. House of Representatives later Friday will vote on the debt program proposed by speaker of the House John Boehner. Market will focus on whether the program can be passed, and further be approved by the Senate, so as to be accepted by Obama.

Key Economic Data and Events:
GMT+8 17:00 Eurozone Consumer Price Index (July);
GMT+8 20:30 Canada GDP (May);
GMT+8 20:30 Canada Industrial Product Price Index (June);
GMT+8 20:30 U.S. GDP (2nd quarter);
GMT+8 21:45 U.S. Chicago Purchasing Managers' Index (July).
Gold:
Gold opened at 1613. 60 USD on 28 July, with intra-day Low at 1604.97 USD and intra-day High at 1620.26 USD, eventually closing at 1615. 84 USD. Intra-day range of 15.29 USD was seen.

Gold retreated to near the upside of 1603.85 and followed by some buying orders and then slightly rebounded on Thursday.?After achieving the partial cycling target 1626 USD, the market had oscillation at high price. It is waiting for the short-term direction.

Considered the major characteristics of continuity from the trend, if the price maintains above 1603.85, the recent uptrend will not change. The furthersupport is located at 1,600, and the low level of 1583.80 at July 22.
After gold reasonably broke through the long-cycle secondary adjustment pattern before closing,supports were densely distributed. Each support can be analyzed as a reference of long position. Theoretically the upward trend of gold is clear.
Currently long position remains. Once the price falls below 1576.50, 1567，1558 and 1546 USD, and the partial pattern occurs, downward range appears.
Trading suggestions:
Buying orders could be held appropriately with take-profit at 1603.85, or when the retracement appears, long position could be considered at 1600 USD.

Retreat in short-term and choppy consolidation at high level

http://www.hx9999.com/en/trend_847.html

Market Reviews of the Previous Day:
During NY session on 27 July, due to the downgrade of Greek rating by Standard & Poor's, risk-aversion sentiment increased. The dollar rebounded sharply against all major currencies, whereas the euro tumbled.
After the dollar index partially moved downward, it closed at a low level from June 7 with bullish candle.
Market basically continued the previous technical trend. There are still many uncertainties in the future. The recent repeated oscillation in the wide range maintained.

July 27, international gold closed lower, retreating from the highest closing price. It retreated from take-profit by some investors. The dollar surged sharply. At the same time, the negotiation for the U.S. debt ceiling went to a deadlock. In addition to the disappointed durable goods data, some supports were formed in the gold market.

Key Economic Data and Events:
GMT+8 15:55 Germany Unemployment Rate (July);
GMT+8 17:00 Eurozone Industry Prosperity Index (July);
GMT+8 20:30 U.S. Weekly Initial Jobless Claims (July 23);
GMT+8 22:00 U.S. NAR Home Sales (June).
Gold:

Gold opened at 1619. 37 USD on 27 July, with intra-day Low at 1609.00 USD and intra-day High at 1627.58 USD, eventually closing at 1613. 96 USD. Intra-day range of 18.58 USD was seen.

Gold surged slightly and then retreated on Wednesday, and it remained to have adjustment in short-term. Considered from the key characteristic of continuity, if the price keeps above1603.85, the recent uptrend remains unchanged.
After gold reasonably broke through the long-cycle secondary adjustment pattern before closing, supports were densely distributed. Each support can be analyzed as a reference of long position. Theoretically the upward trend of gold is clear.
Currently long position remains. Once the price falls below 1576.50, 1567,1558 and 1546 USD, and the partial pattern occurs, downward range appears.
Trading suggestions:
Buying orders could be held with take-profit at 1603.85. Short position could be considered reasonably with stop-loss below 1603.85.

After adjusting in the narrow range, gold oscillated in the wide range

Market Reviews of the Previous Day:
During NY session on 26 July, the negotiation for debt ceiling went to the deadlock, which caused the dollar against the non-US currencies fell once again under pressure. The dollar index adjusted at the low level on June 7. After the euro breaks 1.4500 against the dollar, it will face pressure at 1.4577.
Market basically continued the previous technical trend. There are still many uncertainties in the future. The recent repeated oscillation in the wide range maintained.

July 26, international gold closed at a historical high. The Asian early market today moved upward again. In the coming few weeks, the issues of dollar, the sovereign debt crisis and the uncertainties of the U.S. debt will make the market risk sentiment last.

Key Economic Data and Events:
GMT+8 17:30 Swiss KOF Leading Indicator (July)
GMT+8 20:30 U.S. Durable Goods Orders, pre-value 1.96% (June)
Gold:
Gold opened at 1614. 21 USD on 26 July, with intra-day Low at 1608.35 USD and intra-day High at 1620.04 USD, eventually closing at 1619. 37 USD. Intra-day range of 11. 69 USD was seen.

After gold adjusted in the narrow range, it rebounded. The short-term oscillation range is between 1600 and 1623 USD.

The dynamic changes of the potential pattern will be in focus. Whether it continues the adjustment at high level or continues the upward movement.It determines the time for opening a position.
After gold reasonably broke through the long-cycle secondary adjustment pattern before closing, supports were densely distributed. Each support can be analyzed as a reference of long position. Theoretically the upward trend of gold is clear.
Note that the direction was only shown in the overall pattern, and there will be partial adjustments and changes.
Currently long position remains. Once the price falls below 1576.50, 1567，1558 and 1546 USD, and the partial pattern occurs, downward range appears.
Trading suggestions:
Buying orders could be held with take-profit at 1603.85. The short-term oscillation range will move up to 1610-1623. Long position could be considered at the downside range.

Gold and silver were hovering at high level, depending on the change of the European debt

Last week, there were little changes in the gold price. The overall daily volatility moved up and down. The gap between high and low level is around 20 USD every day. The high price of last Monday was 1,609 USD whereas the low level was1, 590. The largest intra-day volatility in the week was on Tuesday with high level of 1,610 and low level 1,582, the difference of which was 28. The highest level of 1,610 was also the highest weekly price. When the price reached this psychological barrier, investors became cautious. The early part of gold price last Friday came cross pressure from closing positions. The price therefore went up and down near 1590. After the close of the European market, the price rebounded to above 1600. It finally closed at 1600.

Silver went up and down repeatedly as if price of gold, but the overall trend moved downward. The daily highest price of silver last week was above 40 USD and the highest one was on Tuesday at 40.90. Then, it fell to the lowest price 38.2 on Wednesday and closed at 40 on Friday.

Last week, the gold market was affected by the debt crisis in Europe. It is necessary for the EU to give a hand to Greece so that the debt crisis will not worsen in short-term. Investors can therefore take profit by closing the position. On the other hand, some investors still think the short-term measures of saving Greece did not solve the related problems. They in turn bought in at low price, so that the market price went up and down repeatedly.
Observed from the technical trend, the price of gold is at the key psychological point 1,600 USD, but the repetition and breakthrough will not create a special trading signal. There is no clear direction in the trend. The European debt issue directly affects the trend of the euro, which was also the focus of the recent financial market. Investors can take the latest news and the euro exchange rate as references.
The weekly gold price is estimated to be similar as last week, which is between 1,580 and 1,610 USD. Silver is estimated between 38.80 and 40.80. The buy-low and sell-high policy in short-term is feasible. However, the possible profit margins would not be high, so investors should pay attention to the setting of stop-loss.

The short-term adjustment will appear

Market Reviews of the Previous Day:
During NY session on 25 July, the dollar index oscillated within a narrow range. The second round of rescuing plan for Greece was passed by the EU last week,but the euro trend still lacked momentum. The market trend is in oscillation.
Market basically continued the previous technical trend. There are still many uncertainties in the future. The recent repeated oscillation in the wide range maintained.
The U.S government may have the following three results on the negotiation of the debt ceiling: Increasing the debt ceiling and reaching the long –term debt reduction program; increasing the debt ceiling but not reaching a long-term debt reduction program; failing to increase the debt ceiling before the deadline of August 2.July 22, international gold closed at a historical high.? Investors were concerned about whether the U.S. Congress members will agree on the increase of the Federal debt ceiling and the further downgrade of Greek sovereign debt rating. Market risk sentiment always maintains.
Key Economic Data and Events:
GMT+8 14:00 Swiss Consumption Indicator (June);
GMT+8 14:00 German GFK Consumer Confidence (August);
GMT+8 16:30 UK GDP (2nd quarter);
GMT+8 22:00 U.S. New Home Sales (June);
GMT+8 U.S. 22:00 The Conference Board Consumer Confidence, pre-value 58.5 (July).

Gold:
Gold opened at 1603.85 USD on 25 July, with intra-day Low at 1603.85 USD and intra-day High at 1623.10 USD, eventually closing at 1614.24 USD. Intra-day range of 19.25 USD was seen.

The partial pattern of the Asian markets on Monday pushed up the gold, but it retreated just below the anticipated level. It is expected that adjustment in short-term will appear.
?The dynamic changes of the potential pattern will be in focus. Whether it continues the adjustment at high level or continues the upward movement It determines the time for opening a position.

After gold reasonably broke through the long-cycle secondary adjustment pattern before closing, supports were densely distributed. Each support can be analyzed as a reference of long position. Theoretically the upward trend of gold is clear.

Note that the direction was only shown in the overall pattern, and there will be partial adjustments and changes.
?
Currently long position remains. Once the price falls below 1576.50, 1567，1558 and 1546 USD, and the partial pattern occurs, downward range appears.
Trading suggestions:
Buying orders could be held with take-profit at 1603.85. The short-term oscillation range will move up to 1610-1623. Long position could be considered at the downside range.

Partial adjustment continued and long position could be considered

Market Reviews of the Previous Day:
During NY session on 22 July, the dollar index oscillated within a narrow range. Two parties in the U.S. did not reach a consensus on the U.S. debt ceiling. The dollar index changed from the previous retracement pattern to the flag pattern in the technical chart. The non-US currencies rose and fell with partial adjustment.
Market basically continued the previous technical trend. There are still many uncertainties in the future. The recent repeated oscillation in the wide range maintained.
The U.S government may have the following three results on the negotiation of for the debt ceiling: Increasing the debt ceiling and reaching the long –term debt reduction program; increasing the debt ceiling but did not reach a long-term debt reduction program; failing? to increase the debt ceiling before the deadline of August 2.

July 22, international gold closed higher. The U.S. Senate rejected the plan of the House of Representatives for increasing the government borrowing limit, which therefore created new concerns to the market. As long as the U.S. debt ceiling is not reached on the exact agreement, the market risk sentiment will always be maintained.

In addition, the debt crisis in Europe did not completely end. The outside Eurozone countries will have to finance in the coming months and years, which leads to further uncertainties. Commerzbank said the debt issue has not been eradicated in Europe.
The U.S. debt crisis, debt crisis in Europe and the United States' third round of the quantitative easing monetary policy are expected to be main factors influencing the gold trend.
Key Economic Data and Events:
GMT+8 Australia Producer Price Index (2nd quarter)
Gold:

Gold opened at 1590. 24 USD on 22 July, with intra-day Low at 1583.80 USD and intra-day High at 1607.26 USD, eventually closing at 1601. 6 USD. Intra-day range of 23. 46 USD was seen.

Gold in the early European market on Friday tested the Thursday's low point and then rebounded. The adjustment at high level was clear. The recent oscillation range is between1576.50 and 1610. The dynamic changes of the potential pattern will be in focus. Whether it continues the adjustment at high level or continues the upward movement? It determines the time for opening a position.
After gold reasonably broke through the long-cycle secondary adjustment pattern before closing, supports were densely distributed. Each support can be analyzed as a reference of long position. Theoretically the upward trend of gold is clear.
Note that the direction was only shown in the overall pattern, and there will be partial adjustments and changes.
?
Currently long position remains. Once the price falls below 1576.50 USD, and the quick retreat occurs, downward range appears.
Trading suggestions:
Oscillating at high level, the downward buying orders could be held with take-profit. It is expected that if it breaks the recent resistance near 1610 USD, gold will continue the range to 1626.

Gold oscillated at high level, waiting for the market direction

Market Reviews of the Previous Day:
During NY session on 21 July, the euro rose to two-week high against the dollar. The Eurozone officials have agreed on the measures to solve debt problems in Greece, easing the concern about the spread of debt crisis. However, the impact on the euro in long-term is uncertain and Europe may not be able to solve its debt crisis.
Market concerned the outcome of the negotiation for the U.S. debt.? Today is the last day of the increase of its debt ceiling. Market expected that it will be eventually raised.
Observed from the partial pattern, the trend of the euro lacked continuity. Market basically continued the previous large pattern in the technical trend. There are still many uncertainties in the future. The recent repeated oscillation in the wide range is dramatic.

July 21, international gold closed lower. EU leaders have reached an agreement to resolve the Eurozone sovereign debt crisis. The U.S. and the European debt crisis and third round of the quantitative easing monetary policy in the U.S. are expected to be main factors influencing the gold trend.

Key Economic Data and Events:
GMT+8 14:45 France Production Outlook (July);
GMT+8 16:00 Germany IFO Business Climate Index;
GMT+8 17:00 Eurozone Factory Orders (May);
GMT+8 19:00 Canada Consumer Price Index (June);
GMT+8 20:30 Canada Retail Sales (May).
Gold:
Gold opened at 1600. 01 USD on 21 July, with intra-day Low at 1585.29 USD and intra-day High at 1604.36 USD, eventually closing at 1590. 41 USD. Intra-day range of 19. 07 USD was seen.

Gold retreated after reaching the right shoulder resistance of head & shoulder in the four-hour chart on Thursday, a clear pattern of high adjustment. The recent oscillation range is between1576.50 and 1610. The dynamic changes of the potential pattern will be in focus.

After gold reasonably broke through the long-cycle secondary adjustment pattern before closing, supports were densely distributed. Each support can be analyzed as a reference of long position. Theoretically the upward trend of gold is clear.
Note that the direction was only shown in the overall pattern, and there will be partial adjustments and changes. Leveraged trading is different from the trading without multiples. It should be more stringent for the timing of every position.
Currently long position remains. Once the price falls below 1576.50, 1567, 1558 and 1546 USD, and the partial pattern occurs, downward range appears.
Trading suggestions:
Oscillating at high level, gold is expected to have fluctuation in between 1610 and 1576.50 USD in short-term.

Down testing the support, gold oscillated at high level

Market Reviews of the Previous Day:
During NY session on 20 July, the euro moved in upward oscillation against the dollar. Currently the exchange rate is near 1.426.? It is said that Germany and France have agreed on the position of the financial relief for Greece. Market is more looking forward to the EU emergency meeting on 21 to see whether there will be progress on the Greek debt. However, observed from the partial pattern, the trend of the euro still lacked continuity.
Market continued the previous large pattern in the technical trend. There are still many uncertainties in the future. The recent repeated oscillation in the wide range is dramatic.

July 20, international gold down tested the range support and then rebounded. Debt crisis in Europe and the United States and the expectation of the third round quantitative easing monetary policy are the main factors influencing the trend of gold. The position of the world's largest gold ETF reflected that investors started to choose profit-taking. The data showed that the position of SPDR Gold (ETF) on July 19 fell by 3.33 tons compared to the previous trading day.

Key Economic Data and Events:
GMT+8 16:30 U.K. Retail Sales, pre-value -1.6%/month, 0.0%/year (June)
GMT+8 20:30 U.S. weekly Claims for Unemployment Benefits (July 16)
GMT+8 22:00 U.S. Leading Index, pre-value 0.8% (June)
Gold:

Gold opened at 1600. 45 USD on 20 July, with intra-day Low at 1582.10 USD and intra-day High at 1601.50 USD, eventually closing at 1600. 45 USD. Intra-day range of 19. 40 USD was seen.

Gold slightly moved downward again on Wednesday, but shortly after that, it was supported by buying orders. It was clear to have adjustment at high level. The recent oscillation range is between 1576.50 and 1610. Please note the potential changes of the dynamic pattern.
After gold reasonably broke through the long-cycle secondary adjustment pattern before closing, the supports were densely distributed. Each support can be analyzed as a reference of long position. Theoretically the upward trend of gold is clear.
Note that the direction was only shown in the overall pattern, and there will be partial adjustments and changes. Leveraged trading is different from the trading without multiples. It should be more stringent for the timing of every position.
Currently long position remains. Once the price falls below 1576.50, 1567, 1558 and 1546 USD, and the partial pattern occurs, downward range appears.
Trading suggestions:
Long position remains. Shortly before reaching 1610 and 1576.50 USD, it is estimated the price will fluctuate.

Upward movement in short-term ended and gold may down test the support

Market Reviews of the Previous Day:
During NY session on 19 July, the euro rose against the dollar. Market expected that policymakers would reach an agreement to further aid Greece in a summit later this week, but the long-term solutions to the debt crisis of Greece is still unknown. German Chancellor said that people who want to use a single final solution once and for all to resolve the crisis in Greece is unrealistic.
Obama supported the Two Parties of Senate for the new deficit reduction plan. Obama said their bold budget may provide a new way of thinking for Congress and break the deadlock of raising debt ceiling.
Although this proposal is not a panacea for the serious problems faced by the United States, it clearly shows the attitude of policymakers and the balance approach of problem-solving.
Market continued the previous large pattern in the technical trend. There are still many uncertainties in the future. The recent repeated oscillation in the wide range is dramatic.

July 19, international gold closed lower. Due to the speech of Obama and the retracement from take-profit, and also the technical factors, gold tumbled which ended the uptrend of the 11st consecutive trading days. The price fell below 1590 USD, facing retracement in short-term.

As Europe and the U.S. sovereign debt problems are turning to have clear view, the precious metal prices will continue to adjust at the end of this year. From a fundamental perspective, the current buying of gold is a short-term behavior. Reaching this current level reflects the uncertainty of the market. The U.S. economy is slowly advancing, which have a positive impact on the dollar, while a negative impact on gold.
Key Economic Data and Events:
GMT+8 14:00 Germany Producer Price Index (June)
GMT+8 16:30 U.K. Central Bank announced the minute of the Monetary Policy meeting (July 7)
GMT+8 20:30 Canada Wholesale Sales (May)
GMT+8 22:00 U.S. Home Sales (June)
GMT+8 22:00 Eurozone Consumer Confidence Index (July)
GMT+8 22:30 Canada Monetary Policy Report
Gold:

Gold opened at 1588. 47 USD on 19 July, with intra-day Low at 1582.83 USD and intra-day High at 1609. 88 USD, eventually closing at 1588. 47 USD. Intra-day range of 27. 05 USD was seen.

At the end of the partial upward range, gold surged and then retreated without momentum on Tuesday, as what we predicted.
After gold reasonably broke through the long-cycle secondary adjustment pattern before closing, the supports were densely distributed. Each support can be analyzed as a reference of long position. Theoretically the upward trend of gold is clear.
Note that the direction was only shown in the overall pattern, and there will be still partial adjustments and changes. Leveraged trading is different from the trading without multiples. It should be more stringent for the timing of every position.
Currently long position remains. Once the price falls below 1576.50, 1567, 1558 and 1546 USD, and the partial pattern occurs, downward range appears.
Trading suggestions:
Long position remains. Shortly before reaching 1610 and 1576.50 USD, it is estimated the price will fluctuate and down test the support.

Breaking through the range suppression, gold may retreat in short-term

Market Reviews of the Previous Day:
During NY session on 18 July, the concerns of whether the U.S. Congress raising debt ceiling and the Eurozone debt problems created market pressure. The dollar index reached the connection of high levels from May 23 and June 27 and then retreated. With the deadline of the U.S. debt approaching and the upcoming Eurozone meeting on Thursday, market temporarily remained cautious.
Market continued the previous large pattern in the technical trend. There are still many uncertainties in the future. The recent repeated oscillation in the wide range is dramatic.

July 18, international gold rose above the long-cycle parallel channel before closing, breaking a new record. Investors still worried about the Eurozone sovereign debt crisis and the risk of the U.S. government debt default. The focus will be on the progress of debt negotiations and the possibility of raising debt ceiling.

Key Economic Data and Events:
GMT+8 17:00 Eurozone Construction Spending (May)
GMT+8 17:00 Eurozone ZEW Economic Sentiment Index (July)
GMT+8 20:30 Canada Leading Indicators (June)
GMT+8 20:30 U.S. Housing Starts (June)
GMT+8 20:30 U.S. Building Permits (June)
GMT+8 21:00 Central Bank Interest Rate Decision
Gold:

Gold opened at 1604. 75 USD on 18 July, with intra-day Low at 1592.15 USD and intra-day High at 1607. 30USD, eventually closing at 1604. 75 USD. Intra-day range of 15. 15 USD was seen.

After adjusting in the hourly chart on Monday, gold before closing, broke through the upper part along the parallel range created by the connection between the low points of May 5 and July 1and the high level at May 2.
Theoretically the direction of the uptrend of gold was determined. However, the upward moving range since 1541USD nearly came to the end. If the market momentum does not continue, the price will retrace.
Note that the direction was only shown in the overall pattern, and there are partial adjustments and changes. Leveraged trading is different from the trading without multiples. It should be more stringent for the timing of every position.
Trading suggestions:
Long position at low level could be held with take-profit at 1592.15 USD. Investors could buy in when the partial adjustment appears. Or buying at the upper side of the uptrend channel with stop-loss at 1592.15 could be considered.

Due to the impact of European debt crisis, capital inflow in gold market hit a high record

Gold market continuously rose last week. This upward trend has continued for ten days since the holidayof the U.S. Independence Day on July 4. The intra highest price was moving upevery day,eventually hitting a historical high record on Friday at 1,598.20 USD which is close to the target 1,600.

The overall trend of gold last week was affected bythe debt crisis. Financial markets worried that the debt crisis would not as soon be remedied as the previous few times. This time, the European countries, especially more powerful ones, Germany and France, did not response directly. In this case we all concern that the high debt countries are no longer far from default. Due to the domino effect, even Italyhas also been dragged down.
The U.S. was also in trouble. The politicaldisputebetween Democratic and Republican turned the U.S. treasury bondsinto their "rivalchips". If the U.S. cannot borrow again, it will not be able to repay the debt and then even the U.S. bonds will be in default. The global financialmarkets will suffer from severe impacts. Where do the capital stay rather than putting in gold market?As the U.S. economy remains weak, the Federal Reserve tried to test if there is need for the third round of quantitative easing policy. Once it is introduced, in the proliferation of capitals, inflation will push up again. Gold will be therefore the first choice in the investment.

Gold was still in high level or even had another record high in short-term due to the flavoring factors and the inflow of capital. Since the current price is at highrecord, and the technical trend is strong, but the price is more difficult to be located, investors should take more references and consider the market sentiment, especially the changes of the European debt. Gold pricethis week,estimated to be widen, with volatility in between 1,550 to 1,620 USD.It is possiblethat gold breaks above 1,600but it still depends on the momentum at high level.

Silver was also strong last week, and the price trend was going up and up. However, due to the earlierpolicyof risk tightening, silver's high price of39.40 USD last week was not a historical high as if what gold performed.The price of silver has more rising potential than gold, but their marketstructures are different so that it cannot be a single consideration. The price volatility this week is estimated to be between 35 and 42. Silver's investment risk is higher than gold.

Gold broke a record high with resistance from upside range

Market Reviews of the Previous Day:
During NY session on 15 July, the EU Banking Authority has announced the latest stress test result. Among all the tested European banks, only eight failed. Market questioned that the restrictions of this test are too loose to weigh the overall systematic risk. The risk aversion in the market remained high.
Market continued the previous large pattern in the technical trend. There are still many uncertainties in the future. The recent repeated oscillation in the wide range is dramatic. If the euro has the secondary adjustment, long position could be considered.

July 15, international gold hit a record high in the third consecutive day, mainly due to the Eurozone sovereign debt crisis and the concern about the risk of default by U.S. government.

Key Economic Data and Events:
Japan market closed
GMT+8 21:00 U.S. Net Capital Inflows, pre-value 68.2 billion USD (May)
Gold：

Gold opened at 1586. 90 USD on 15 July, with intra-day Low at 1576.76 USD and intra-day High at 1593. 98 USD, eventually closing at 1593. 39 USD. Intra-day range of 17. 22 USD was seen.

Gold moved in the oscillation range between 1576.51 and 1600 in short-term on Friday, and it moved at the downside along the parallel range and adjusted at high level.
Investors can pay attention to the upper part moving along the parallel range created by the connection between the low points of May 5 and July 1, and the high level at May 2. It is estimated to be around 1598-1600 USD.
The overall movement is within a wide range oscillation.
The retracement pattern from May 2 had strong repetition, possibly with a variety of movements. Before a substantial breakthrough of the upside parallel range and the retracement happen, market may change easily.
Trading suggestions:
Long position at low level could be held with take-profit at 1572 USD whereas the long position at the downside range from last weekend could be closed appropriately. The rest could be held with take-profit and waiting for the breakthrough.

Adjustment at high level, beware of the suppression from upside range

Market Reviews of the Previous Day:

During NY session on 14 July, since Bernanke said that QE3 will not be immediately launched, the dollar rebounded against all major currencies.

Market focuses on the progress of?the U.S. debt limit in the negotiation.
Bernanke reiterated that if the U.S.economy worsens, the Fed will be ready to inject more economic stimulating measures, but he told the U.S. Senate Committee that the timing is yet to be confirmed.He also said that inflation has been rising since the end of last year.
Market continued the previous large pattern in the technical trend. There are still many uncertainties in the future. The recent repeated oscillation in the wide range is dramatic.If the euro has the secondary adjustment, long position could be continued.

July 14, international gold hit a record high again. The focus of the market will be on the debt crisis in Europe, and hedging need remains high.However, due to the speech of Ben Bernanke and retreat after profit-taking, gold narrowed its rising range.

Key Economic Data and Events:
GMT+8 17:00 Eurozone European Central Bank Trade Balance (May);
GMT+8 20:30 Canada Manufacturing shipments (May);
GMT+8 20:30 U.S. Consumer Price Index, pre-value 0.2%/month,3.6%/year(June);
GMT+8 21:15 U.S. Industrial Production (June);
GMT+8 21:55 U.S. University of Michigan Consumer Confidence Index.
Gold:
Gold opened at 1585.85 USD on 14 July, with intra-day Low at 1580.23 USD and intra-day High at 1594.35 USD, eventually closing at 1587.03 USD. Intra-day range of 14. 13 USD was seen.

Gold continued to move up on Thursday, but there is retracement pattern appeared at the high level moving along the parallel range. It narrowed the price volatility.

Investors can pay attention to the upper part moving along the parallel range created by the connection between the low points of May 5 and July 1, and the high level at May 2.
It is estimated to be around 1598-1600 USD. Gold's oscillation range in short-term is between 1576.51and 1600.
The overall movement is within a wide range oscillation.
Trading suggestions:
Long position could be held with take-profit at 1572 USD. Short position could be open appropriately at the lower level along 1576.51-1600.

Breaking a record high, beware of the suppression from the upside range

Market Reviews of the Previous Day:

During NY session on 13 July, the dollar fell against all major currencies. The dollar index hit a lowest record in this month. Lately, the U.S. Federal Reserve Board Chairman

Ben Bernanke said if the U.S. economy further weakened, the Fed may take more stimulating measures.?
Market continued the previous large pattern in the technical trend. There are still many uncertainties in the future. The recent repeated oscillation in the wide range is dramatic. If the euro has the secondary adjustment, long position could be continued.?

July 13, international gold surged. Federal Reserve Chairman Ben Bernanke implied to introduce more loose policies. Fitch downgraded the Greek rating again. With several positive factors, spot gold hit a record high.?

Key Economic Data and Events:
GMT+8 16:00 Eurozone European Central Bank Monthly Report Released (July);
GMT+8 16:45 Eurozone Consumer Price Index (June);
GMT+8 20:30 U.S.Retail Sales (June);
GMT+8 20:30 U.S.Producer Price Index (June);
GMT+8 20:30 U.S.Initial Claims for unemployment Benefits (July 9);
GMT+8 22:00 U.S.Business Inventories (May).?
Gold:
Gold opened at 1567.59 USD on 13 July, with intra-day Low at 1564.71 USD and intra-day High at 1587.55 USD, eventually closing at 1586.39 USD. Intra-day range of 22. 84 USD was seen.?

Gold surged to a record high at 1587.55 USD on Wednesday. A dismal U.S. non-farm payrolls report and the European debt crisis further stimulated the recent international price of gold to rise continuously.?

Please pay attention to the upper part moving along the parallel range created by the connection between the low points of May 5 and July 1, and the high level at May 2. It is estimated to be around 1598-1600 USD. Breaking the previous high, gold's oscillation range in short-term is between 1576.51and 1600.?
The overall movement is within a wide range oscillation.?
Trading suggestions:
Long position could be held with take-profit at 1564.7 USD. Short position could be open appropriately at the lower point along 1576.51-1600.

Approaching the historical high

Market Reviews of the Previous Day:
During NY session on 12 July, due to the concerns about European debt crisis and the influence of Moody's rating on Irish, the euro fell a four-month low against the dollar. Meanwhile, the announcement of the Fed's meeting minutes in June created pressure on the dollar. The minutes show that if the economic recovery is too slow that it is difficult to reduce the unemployment rate as well as slowing inflation as expected, some Fed officials tend to introduce more loose monetary policies. The dollar index surged and retreated after suppressed by the previous large retracement pattern.

Market continued the previous large pattern of the technical trend. There are still many uncertainties in the future. Investors can pay attention to the technical continuity or the conversion as well as any changes of the performance of the euro.

July 12, international gold rose further, high risk aversion pushed up hedging asset. Several positive factors boost the international price of gold to almost a record high.

Key Economic Data and Events:
GMT+8 15:15 Switzerland Producer / Import Price Index (June);
GMT+8 16:30 UK Unemployment Rate (June);
GMT+8 17:00 Eurozone Industrial Production (May);
GMT+8 22:00 U.S. Federal Reserve Chairman Ben Bernanke will submit half-year Monetary Policy Report.
Gold:
Gold opened at 1553.61 USD on 12 July, with intra-day Low at 1540.97 USD and intra-day High at 1573.63 USD, eventually closing at 1567.65 USD. Intra-day range of 32. 66 USD was seen.
After gold retested the downside support, it broke thought the resistance of 1558 USD, moving near the upside range of 1558-1576.
Please remind that there were uncertainties and repetition in the market trend.
Before the change of gold's long-term uptrend, the whole pattern was in wide range oscillation.
Trading suggestions:
Some long positions could be closed appropriately. The rest depends on whether it breaks 1576.5. After the price rises above 1576.5, it finally retreats and closed below that price, short position could be held.

Gold continued to rise, approaching the upside range.

Market Reviews of the Previous Day:
During NY session on 11 July, the euro fell against all major currencies, due to the market concern about debt crisis spreading to Euro zone's third largest economy, Italy. The euro hit a four-month low against the yen, and hit seven-week low against the dollar, and also hit a record low against the Swiss franc. Market basically continued the previous technical trend, but there are still many uncertainties. The euro became less attractive.

July11,international gold rose further within the range, hitting a two-week high of 1556.9, which were the result of the Eurozone debt crisis and the worries of U.S. economy.

Key Economic Data and Events:

GMT+8 14:00 German Consumer Price Index (June);
GMT+8 16:30 UK Trade Balance (May);
GMT+8 16:30 UK Consumer Price Index (June);
GMT+8 20:30 Canada Trade Balance (May);
GMT+8 20:30 U.S. Trade Balance, pre-value -43.7 billion USD (May).
Gold:

Gold opened at 1543.67 USD on 11 July, with intra-day Low at 1541.60 USD and intra-day High at 1556.90 USD, eventually closing at 1553.52 USD. Intra-day range of 15. 30 USD was seen.

Gold continued the upward pattern on Friday. The current oscillation range moved up to 1541.6-1558 USD. After the further breakthrough, gold's upper range will be at 1576.5.
Please remind that there were uncertainties and repetition in the market trend.
Before the change of gold's long-term uptrend, the whole pattern was in wide range oscillation.
Trading suggestions:

Long position could be held with take-profit at 1541.5 USD. If it further rises above 1558, short position could be considered.

European debt crisis increased hedging demand and gold moved upward

Last week, gold price increased every day, from the low level 1,489.60 on Monday to the highest price 1,545.60 on Friday, with a weekly increase of 56. The continuous trend indicated the actual buying was absorbed every day. Last Monday was the holiday of the U.S. National Day. The U.S. financial markets closed, but the gold in the European market has still increased steadily. After breaking 1,500 on Tuesday, investors have changed their mind of down testing the gold. After the news of European debt crisis and the downgrade of Portugal's bond rating, short positions were closed and followed by opening long positions. Gold has been further pushed up. It rose to 1,545.60 last week, and finally closed at 1,543.

Silver also rose increasingly from the low level 33.85 USD last Monday to the high level 36.85 on Friday, with an increase of 3 dollar, nearly 8.9%, which was more than a double of the increase last week (3.8%). The buying orders appeared again. The price closed at 36.65 on last Friday.

Other than European debt crisis, the news flavored gold and silver last week was oil price, which surged to 100 USD. It is strange that the U.S. oil reserve was only launched before last week with a view to suppressing the oil price, but the buying demand was greater than its supply. Instead, it was raised from 94.5 to above 99, and indirectly supported the price of gold.

People's Bank of China again raised the RMB's interest rate by 0.25% last week, gold was affected to be slightly reduced. However, the increase of the interest rate was due to the inflation in China, but not the signal of a rising global interest rate. Investors were not easily affected.

Observed from the chart, after gold went back to 1,500 USD, it changed some opportunities of downward adjustment, but the new uptrend is yet to be formed. The first increase target or resistance is at 1,560. This week's volatility is estimated to be between 1,510 and 1,560. If it can surge above 1560, the next goal will be breaking the record high price of 1,580.

The rise of silver was more than the gold last week, but the overall trend was not as high as gold in approaching the historic high level. As the investment market of silver changes, including the concerns about the risk of price fluctuations from global regulatory agencies and the aim of setting trading margin to fight against speculation activities, silver will not necessarily try to test 50 USD. This week's target is only 39.50. The first resistance will be 40 and the support below will be 33. The volatility is estimated to be between 34 and 37.5.

Gold moved upward, approaching to the upside oscillation range

Market Reviews of the Previous Day:
During NY session on 8 July,since the U.S.payrolls report was worse than expected and thedeadline of the US debt limit is approaching, the dollar fell against major currencies exceptthe euro.The risk of theU.S.debt default increased and the dollar was under pressure.
The non-farm payrolls in June show that jobs only increased slightly. Market expected that most of the time the Federal Reserve Board will maintain low interest rates in 2012. In addition, the deadline of the U.S.setting debt ceiling is approaching, but there is no clear progress.
Market continued the previous major technical trend. There are still many uncertainties in the future.

July 8, international gold closed higher. The weak U.S. jobs data raised market concerns on the economic prospect, prompting investors to buy gold futures. The U.S. non-farm employment in June increased by 18,000, which is far lower than economists'expectation of an average increase of 125,000 people. The non-farm employment in May has also been revised down to 25,000.

Key Economic Data and Events:
GMT+8 13:00 Japan Family Consumer Confidence Index (June);
GMT+8 14:45 French Industrial Production, pre-value -0.3%/month, 2.6%/year (May);
GMT+8 20:15 Canada Housing Starts, pre-value 183,600 (June).
Gold:
Gold opened at 1532.13 USD on 8 July, with intra-day Low at 1525. 05 USD and intra-day High at 1545.03 USD, eventually closing at 1543.73 USD. Intra-day range of 19. 98 USD was seen.

Gold had further adjustment on Friday. It gained support after retesting to 1526 USD. The upward momentum was seen and the uptrend continued.

Weekly chart firstly closed with a large bullish candle since early May. The current upside range is between 1553 and 1558 USD.
Please remind that there were uncertainties and repetition in the market trend.
Before the change of gold's long-term uptrend, the whole pattern was in wide range oscillation.
Trading suggestions:
Long position could be held with take-profit at 1525 USD. Short position could be opened when retracement pattern appears in short-term.

Short-term adjustment at high level

Market Reviews of the Previous Day:
During NY session on 7 July, European Central Bank announced that interest rates increased by 25 basis points to 1.50%, in order to the curb the inflationary pressures created by the Eurozone purchasing power. The euro rebounded against the dollar after moving in downward oscillation, but the dollar rose against some other major currencies.
President of the European Central Bank Jean-Claude Trichet said that given the rising risk of price stability, the further adjustment of the current loose monetary policy is reasonable. The pace of monetary expansion will gradually restore and the basic currency liquidity remains ample. The price pressures in the Eurozone can be eased potentially.
Market continued the previous major technical trend. There are still many uncertainties in the future.

July 7, international gold closed higher. Market concerns that the global economic growth is likely to be slow and the debt crisis in the Eurozone increased hedging demand. However, due to the optimistic U.S. economic data and the President of ECB Jean-Claude Trichet's speech, investors' concerns have been eased, limiting the price increase of gold futures.

Market participants will also pay close attention to the release of the U.S. employment report later this week.
Key Economic Data and Events:
GMT+8 20:30 U.S. Non-farm Payrolls, pre-value 54000 (June);
GMT+8 20:30 U.S. Unemployment Rate, pre-value 9.1% (June).
Gold:
Gold opened at 1529.21 USD on 7 July, with intra-day Low at 1523. 26 USD and intra-day High at 1534.30 USD, eventually closing at 1532.31 USD. Intra-day range of 11.04 USD was seen.

Gold continued the upward movement on Thursday, with narrower range. Choppy consolidation occurred in short-term.

The price closed at above 1527 USD, and the oscillation range moved up further.
Observed from the hourly chart, the most reliable stop-loss is at 1510.3 USD, but it is far from the current price. The price may go up and down repeatedly.
Please remind that there were uncertainties and repetition in the market trend.
Before the change of gold's long-term uptrend, the whole pattern was in wide range oscillation.
Trading suggestions:
Long position opened in the week could be held with take-profit at 1510 USD and also with take-profit at 1523 in short-term. Short position could be opened when retracement pattern appears in short-term or the price is approaching the upside of 1510.3.

Gold surged, and ECB's meeting for interest rate will be in focus

Market Reviews of the Previous Day:
During NY session on 6 July, the euro fell against the dollar the second day. It created unrest in the market when Portuguese debt rating was downgraded to a bottom level. The raise of interest rate in China led to concerns about global economic growth. The market will focus on the ECB's rate decision and U.S. payrolls data.
Although the finance ministers of Eurozone have approved a loan of 12 billion euro for Greece, it did not alleviate people's concern. Portugal's downgrade rated by Moody's further raised the hedging need.
Market continued the previous major technical trend. There are still many uncertainties in the market.

July 6, international gold closed higher. The global debt problems prompted a greater hedging need of investors for the purchase of gold futures. It depends on debtors' reliability. The next few days, traders will still focus on the debt problems of the United States and Eurozone. Market participants will also pay close attention to the release of the U.S. employment report later this week.

Key Economic Data and Events:
GMT+8 19:00 Bank of England Interest Rate Decision
GMT+8 19:45 Eurozone European Central Bank Interest Rate Decision
GMT+8 20:30 European Central Bank President Jean-Claude Trichet's Press Conference
GMT+8 20:30 U.S. Initial Claims for Unemployment Benefits (July 2)
GMT+8 22:30 U.S. Fed Hoenig's Speech
Gold:
Gold opened at 1515.64 USD on 7 July, with intra-day Low at 1510. 30 USD and intra-day High at 1533.80 USD, eventually closing at 1529.02 USD. Intra-day range of 23.50 USD was seen.

Gold tested the support near 1511 USD on Wednesday, continuously going upward and closed above 1527. The oscillation range moved up.

Observed from the hourly chart, the reliable stop-loss is at 1510.3 USD, but it is far from the current price. The price may go up and down repeatedly.
Please remind that there were uncertainties and repetition in the market trend.
Before the change of gold's long-term uptrend, the whole pattern was in wide range oscillation.
Trading suggestions:
Long position opened at the downside range from yesterday could be held with take-profit. Short position could be opened when retracement pattern appears or the price is approaching the upside of 1510.3 USD.

Fail to retreat, gold started to climb

Market Reviews of the Previous Day:
During NY session on 5 July, due to a downgrade of Portugal by Moody's rating, the need for risk-aversion increased. The euro fell sharply against the dollar and Swiss franc. Market pays close attention to ECB's rate decision and the speech of Trichet.
Although the finance ministers of Eurozone have approved a12 billion euro loan for Greece, it did not alleviate people's concern. Portugal's downgraded by Moody's further raised the hedging need.
Market continued the previous technical trend and breakthroughs were not seen. There are still many uncertainties in the market. The U.S. economic data and ECB's meeting for monetary policy will be in focus.

July 5, international gold closed higher. The fear of global debt problems prompted a greater hedging demand of investors for buying gold futures. Some believe the debt problems of the U.S. and Europe, in addition to the global exchange rate volatility and political instability, kept supporting gold futures market. One of the reasons that gold futures fell from 1,550 USD per ounce was debt default not yet happen in Greece. However, it is still approaching the outbreak of the default, which formed a support for gold.

Key Economic Data and Events:
GMT+8 17:00 Eurozone GDP (quarterly)
GMT+8 18:00 Germany Factory Orders (May)
GMT+8 20:30 Canada Building Permits (May)
GMT+8 22:00 U.S. ISM Non-manufacturing Index (June)
Gold:
Gold opened at 1495.90 USD on 5 July, with intra-day Low at 1493. 38 USD and intra-day High at 1516.47 USD, eventually closing at 1515.79 USD. Intra-day range of 20.57 USD was seen.

Gold rebounded continuously on Monday, closed with bullish candle. It rose above the previous high level before retreating at 1502.76 USD, showing a more powerful breakthrough than the previous one, but there are certain repetitions in the market. The discontinuous trend also shows the weak momentum.

Please remind that there were uncertainties and repetition in the market trend.
Before the change of gold's long-term uptrend, the whole pattern was in wide range oscillation.
Trading suggestions:
If gold stays above 1511 USD, the oscillation range can be up to 1527. Range trading could be considered.

Gold rebounded and will go up and down repeatedly in short-term

Market Reviews of the Previous Day:
During NY session on 5 July, the euro against the dollar moved within a narrow range oscillation around 1.45. The Asian session hit a 1.4577 level of nearly one-month high. As U.S. markets closed for public holiday, the overall foreign exchange trading was inactive. Market continued the previous technical trend and breakthroughs were not seen. There are still many uncertainties in the market. It focuses on the U.S. economic data and the monetary policy meeting of ECB.

July 4, international gold closed slightly higher. It fell in last week which attracted buying orders, and also hedging demand remained strong. International price eventually closed modestly higher, around USD 1,500.

Key Economic Data and Events:
GMT+8 12:30 RBA announces Interest Rate decision
GMT+8 15:55 Germany Tertiary PMI (June)
GMT+8 16:00 Eurozone Tertiary PMI (June)
GMT+8 16:30 UK Tertiary PMI (June)
GMT+8 17:00 Eurozone Retail Sales (May)
GMT+8 22:00 U.S. Factory Orders (May)
Gold:
Gold opened at 1485.80 USD on 4 July, with intra-day Low at 1485. 80 USD and intra-day High at 1596.64 USD, eventually closing at 1495.90 USD. Intra-day range of 10.84 USD was seen.

Gold rebounded on Friday, closed with a small bullish candle. The downward movement slowed down.

Observed from the daily chart, before breaking 1503 USD, gold will continue the downward oscillation in short-term. The further downside range will be located at 1472 and 1463.
Please remind that there were uncertainties and repetition in the market trend.
Before the change of gold's long-term uptrend, the whole pattern was in wide range oscillation.
Trading suggestions:
Short position from last week could be held appropriately with stop-loss at 1503 USD.

Gold broke the support, testing a lower level in short-term

Although no serious incidentshappened last week, a lot of messages and data had impacts on different financial markets and investment tools. For example,the EU countries didn't have uniform views toward Greek debt crisis and the situation changed from time to time. The globe worried that the outbreak of“debt bomb” from Greece and Spainwillgreatly affect the whole European economies and the euro system. When there is a similar situation in the past that the market information is not clear, capitals wereusually flew into the gold market. However, considering the market capital flows and the price of goldlast week, inflow of capitalwas not obvious in the gold market.
The United States has disclosed the selling of some strategic oil reserves last week. The oil price firstly fell to below 90 USD/barrel after receiving this news, but during the sales period, since market were quite interested in the oil, its price rose to 95 per barrel.

Gold slightly rebounded from last Monday to Thursday. The opening price on Monday was just 1,500 USD, followed by a gradual rebound when being affected by the weakening dollar and the increase of the oil price. Last Tuesday and Wednesday's high levels were 1,406.20, and 1,513 respectively. The all-week high was 1,413.90on Thursday. It fellon Fridayfrom the opening high 1,501.80 plunging to the lowest ofthe day at 1,478, and finally closed at 1,487.20.

The price trend of silver and gold were similar last week. It rebounded at the beginning of the week and then plunged on Friday, from highest daily price 34.80 USD to the lowest 33.50. The decline of silver is more significant. It is probably because buying orders of real silver stopped, especially when China, a country with high demand of gold and silver, has repeatedly implemented the recent tightening financial measures. The domestic hot money relatively decreased. It therefore affectedthe demand for gold and silver.

From the charts, gold and silver prices formed a downward trend in short-term. The price of gold and silver falling below1,500 USD and 35 respectively showed a bearish signal. It is believed that gold and silver will further down test the support in short-term. Gold's big technical support is at1,430 and then 1,420,followed bythe stronger support 1,400. It is predicted that spot goldthis week will be in bearish trend and looking for supports. The price volatility is estimated between 1,460 and 1,510; silver’s price volatility will be between32.50 and 34.50. Its support in short-term will be located at 30 and 28.

Gold retreated and went sideways temporarily

Market Reviews of the Previous Day:
During NY session on 30 June, boosted by the speech of Trichet and the progress of the Greek debt, the euro hit a three-week high against the dollar. The raise of the U.S. debt ceiling created pressure on the dollar. On the other hand, market continued the technical trend and breakthroughs were not seen. There are still many uncertainties in the future.

June 30, international gold closed lower. The reason is that Greek Parliament has approved a fiscal austerity plan and the bill accompanied in a two-day vote respectively, coupled with the U.S. economic data better than expected. With less risk sentiment in the market, there were some withdrawals of buying for risk-aversion. Prices may still go sideways in short-term.

Key Economic Data and Events:
GMT+8 15:30 Switzerland SVME Purchasing Managers' Index (June)
GMT+8 15:55 Germany Manufacturing PMI (June)
GMT+8 16:00 Eurozone Manufacturing PMI (June)
GMT+8 16:30 UK Manufacturing PMI (June)
GMT+8 17:00 Eurozone Unemployment Rate (May)
GMT+8 21:55 U.S. University of Michigan Consumer Confidence (June)
GMT+8 22:00 U.S. Construction Spending, pre-value 0.4%/month (May)
GMT+8 22:00 U.S. ISM Institute for Supply Management Manufacturing Index, pre-value 53.5 (June)
Gold:

Gold opened at 1511.57 USD on 30 Jun, with intra-day Low at 1498. 57 USD and intra-day High at 1514.10 USD, eventually closing at 1499.95 USD. Intra-day range of 15.53 USD was seen.

Suppressed by MA and the previous resistance, gold retreated gradually, closed with bearish candlestick.
Please remind that there were uncertainties and repetition in the market trend.
It is predicted that the current range of oscillation is between 1515 and 1491.
Before the change of gold's long-term uptrend, the whole pattern was in wide range oscillation.
Trading suggestions:
With short position at high price, investors could consider closing it at the range of 1515-1491. They could also consider buying near the downside range with stop-loss below 1491 and then long position could be prepared.