Market Reviews of the Previous Day:
During NY session on 7 July, European Central Bank announced that interest rates increased by 25 basis points to 1.50%, in order to the curb the inflationary pressures created by the Eurozone purchasing power. The euro rebounded against the dollar after moving in downward oscillation, but the dollar rose against some other major currencies.
President of the European Central Bank Jean-Claude Trichet said that given the rising risk of price stability, the further adjustment of the current loose monetary policy is reasonable. The pace of monetary expansion will gradually restore and the basic currency liquidity remains ample. The price pressures in the Eurozone can be eased potentially.
Market continued the previous major technical trend. There are still many uncertainties in the future.
Key Economic Data and Events:
GMT+8 20:30 U.S. Non-farm Payrolls, pre-value 54000 (June);
GMT+8 20:30 U.S. Unemployment Rate, pre-value 9.1% (June).
Gold:
Gold opened at 1529.21 USD on 7 July, with intra-day Low at 1523. 26 USD and intra-day High at 1534.30 USD, eventually closing at 1532.31 USD. Intra-day range of 11.04 USD was seen.
Observed from the hourly chart, the most reliable stop-loss is at 1510.3 USD, but it is far from the current price. The price may go up and down repeatedly.
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 opened in the week could be held with take-profit at 1510 USD and also with take-profit at 1523 in short-term. Short position could be opened when retracement pattern appears in short-term or the price is approaching the upside of 1510.3.
During NY session on 7 July, European Central Bank announced that interest rates increased by 25 basis points to 1.50%, in order to the curb the inflationary pressures created by the Eurozone purchasing power. The euro rebounded against the dollar after moving in downward oscillation, but the dollar rose against some other major currencies.
President of the European Central Bank Jean-Claude Trichet said that given the rising risk of price stability, the further adjustment of the current loose monetary policy is reasonable. The pace of monetary expansion will gradually restore and the basic currency liquidity remains ample. The price pressures in the Eurozone can be eased potentially.
Market continued the previous major technical trend. There are still many uncertainties in the future.
July 7, international gold closed higher. Market concerns that the global economic growth is likely to be slow and the debt crisis in the Eurozone increased hedging demand. However, due to the optimistic U.S. economic data and the President of ECB Jean-Claude Trichet's speech, investors' concerns have been eased, limiting the price increase of gold futures.
Market participants will also pay close attention to the release of the U.S. employment report later this week.Key Economic Data and Events:
GMT+8 20:30 U.S. Non-farm Payrolls, pre-value 54000 (June);
GMT+8 20:30 U.S. Unemployment Rate, pre-value 9.1% (June).
Gold:
Gold opened at 1529.21 USD on 7 July, with intra-day Low at 1523. 26 USD and intra-day High at 1534.30 USD, eventually closing at 1532.31 USD. Intra-day range of 11.04 USD was seen.
Gold continued the upward movement on Thursday, with narrower range. Choppy consolidation occurred in short-term.
The price closed at above 1527 USD, and the oscillation range moved up further.Observed from the hourly chart, the most reliable stop-loss is at 1510.3 USD, but it is far from the current price. The price may go up and down repeatedly.
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 opened in the week could be held with take-profit at 1510 USD and also with take-profit at 1523 in short-term. Short position could be opened when retracement pattern appears in short-term or the price is approaching the upside of 1510.3.
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