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.
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 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.
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.
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