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.
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:
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.
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.
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