Market Reviews of the Previous Day:
During NY session on 27 July, due to the downgrade of Greek rating by Standard & Poor's, risk-aversion sentiment increased. The dollar rebounded sharply against all major currencies, whereas the euro tumbled.
After the dollar index partially moved downward, it closed at a low level from June 7 with bullish candle.
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 15:55 Germany Unemployment Rate (July);
GMT+8 17:00 Eurozone Industry Prosperity Index (July);
GMT+8 20:30 U.S. Weekly Initial Jobless Claims (July 23);
GMT+8 22:00 U.S. NAR Home Sales (June).
Gold:
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.
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. Short position could be considered reasonably with stop-loss below 1603.85.
During NY session on 27 July, due to the downgrade of Greek rating by Standard & Poor's, risk-aversion sentiment increased. The dollar rebounded sharply against all major currencies, whereas the euro tumbled.
After the dollar index partially moved downward, it closed at a low level from June 7 with bullish candle.
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 27, international gold closed lower, retreating from the highest closing price. It retreated from take-profit by some investors. The dollar surged sharply. At the same time, the negotiation for the U.S. debt ceiling went to a deadlock. In addition to the disappointed durable goods data, some supports were formed in the gold market.
Key Economic Data and Events:GMT+8 15:55 Germany Unemployment Rate (July);
GMT+8 17:00 Eurozone Industry Prosperity Index (July);
GMT+8 20:30 U.S. Weekly Initial Jobless Claims (July 23);
GMT+8 22:00 U.S. NAR Home Sales (June).
Gold:
Gold opened at 1619. 37 USD on 27 July, with intra-day Low at 1609.00 USD and intra-day High at 1627.58 USD, eventually closing at 1613. 96 USD. Intra-day range of 18.58 USD was seen.
Gold surged slightly and then retreated on Wednesday, and it remained to have adjustment in short-term. Considered from the key characteristic of continuity, if the price keeps above1603.85, the recent uptrend remains unchanged.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.
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. Short position could be considered reasonably with stop-loss below 1603.85.
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