The short-term adjustment will appear

Market Reviews of the Previous Day:
During NY session on 25 July, the dollar index oscillated within a narrow range. The second round of rescuing plan for Greece was passed by the EU last week,but the euro trend still lacked momentum. The market trend is in oscillation.
Market basically continued the previous technical trend. There are still many uncertainties in the future. The recent repeated oscillation in the wide range maintained.
The U.S government may have the following three results on the negotiation of the debt ceiling: Increasing the debt ceiling and reaching the long –term debt reduction program; increasing the debt ceiling but not reaching a long-term debt reduction program; failing to increase the debt ceiling before the deadline of August 2.July 22, international gold closed at a historical high.? Investors were concerned about whether the U.S. Congress members will agree on the increase of the Federal debt ceiling and the further downgrade of Greek sovereign debt rating. Market risk sentiment always maintains.
Key Economic Data and Events:
GMT+8 14:00 Swiss Consumption Indicator (June);
GMT+8 14:00 German GFK Consumer Confidence (August);
GMT+8 16:30 UK GDP (2nd quarter);
GMT+8 22:00 U.S. New Home Sales (June);
GMT+8 U.S. 22:00 The Conference Board Consumer Confidence, pre-value 58.5 (July).

Gold:
Gold opened at 1603.85 USD on 25 July, with intra-day Low at 1603.85 USD and intra-day High at 1623.10 USD, eventually closing at 1614.24 USD. Intra-day range of 19.25 USD was seen.

The partial pattern of the Asian markets on Monday pushed up the gold, but it retreated just below the anticipated level. It is expected that adjustment in short-term will appear.
?The dynamic changes of the potential pattern will be in focus. Whether it continues the adjustment at high level or continues the upward movement It determines the time for opening a position.

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.
?
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. The short-term oscillation range will move up to 1610-1623. Long position could be considered at the downside range.