Market Reviews of the Previous Day:
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.
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.
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.
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.
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