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.
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.
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.
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.
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