Gold oscillated at high level, waiting for the market direction

Market Reviews of the Previous Day:
During NY session on 21 July, the euro rose to two-week high against the dollar. The Eurozone officials have agreed on the measures to solve debt problems in Greece, easing the concern about the spread of debt crisis. However, the impact on the euro in long-term is uncertain and Europe may not be able to solve its debt crisis.
Market concerned the outcome of the negotiation for the U.S. debt.? Today is the last day of the increase of its debt ceiling. Market expected that it will be eventually raised.
Observed from the partial pattern, the trend of the euro lacked continuity. Market basically 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.

July 21, international gold closed lower. EU leaders have reached an agreement to resolve the Eurozone sovereign debt crisis. The U.S. and the European debt crisis and third round of the quantitative easing monetary policy in the U.S. are expected to be main factors influencing the gold trend.

Key Economic Data and Events:
GMT+8 14:45 France Production Outlook (July);
GMT+8 16:00 Germany IFO Business Climate Index;
GMT+8 17:00 Eurozone Factory Orders (May);
GMT+8 19:00 Canada Consumer Price Index (June);
GMT+8 20:30 Canada Retail Sales (May).
Gold:
Gold opened at 1600. 01 USD on 21 July, with intra-day Low at 1585.29 USD and intra-day High at 1604.36 USD, eventually closing at 1590. 41 USD. Intra-day range of 19. 07 USD was seen.

Gold retreated after reaching the right shoulder resistance of head & shoulder in the four-hour chart on Thursday, a clear pattern of high adjustment. The recent oscillation range is between1576.50 and 1610. The dynamic changes of the potential pattern will be in focus.

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. Leveraged trading is different from the trading without multiples. It should be more stringent for the timing of every position.
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:
Oscillating at high level, gold is expected to have fluctuation in between 1610 and 1576.50 USD in short-term.