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.
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.
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.
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