Market Reviews of the Previous Day:
It is expected by the investors that in facing the economic turmoil, the Fed may launch the further stimulating scheme.
Market began to shift the focus to the annual meeting of global central banks held next week. Investors expected the Fed may announce the decision of the new loose monetary policy in this meeting. The increase of the liquidity in the market will not benefit the dollar. It is predicted that there will be downward pressure on the dollar.
Foreign exchange market basically continued the previous technical trend. There are still many uncertainties in the future. The recent wide range oscillation and fluctuation remained.
GMT+8 17:00 German ZEW Economic Sentiment Index (August)
GMT+8 17:00 Eurozone ZEW Economic Sentiment Index (August)
GMT+8 20:30 Canada Retail Sales (June)
GMT+8 22:00 U.S. New Home Sales (July)
GMT+8 22:00 Eurozone Consumer Confidence Index (August)
Gold:
In the early Asian trade today, gold fast broke up and got strong pattern. The recent unilateral upward movement was perfect.
After achieving the target of increasing in the medium-term, the short-term second round of upward loop started. Long position remained. It is predicted that the target of gold will be near 1942.
Trading suggestions:
Recent long positions could be maintained, with stop-loss at 1851.50. Beware of the short-term continuity of gold, investors should not trade adversely.
It is expected by the investors that in facing the economic turmoil, the Fed may launch the further stimulating scheme.
Market began to shift the focus to the annual meeting of global central banks held next week. Investors expected the Fed may announce the decision of the new loose monetary policy in this meeting. The increase of the liquidity in the market will not benefit the dollar. It is predicted that there will be downward pressure on the dollar.
Foreign exchange market basically continued the previous technical trend. There are still many uncertainties in the future. The recent wide range oscillation and fluctuation remained.
August 22, international gold closed higher. Due to the U.S. economic downturn, the Fed further implementation of the new round of monetary easing policy was expected to heat up, increasing gold's attractiveness as an inflation hedge asset.
Key Economic Data and Events:GMT+8 17:00 German ZEW Economic Sentiment Index (August)
GMT+8 17:00 Eurozone ZEW Economic Sentiment Index (August)
GMT+8 20:30 Canada Retail Sales (June)
GMT+8 22:00 U.S. New Home Sales (July)
GMT+8 22:00 Eurozone Consumer Confidence Index (August)
Gold:
Gold opened at 1851.90 USD on 22 August, with intra-day Low at 1851.70 USD and intra-day High at 1898.20 USD, eventually closing at 1896.72 USD. Intra-day range of 46.50 USD was seen.
Overnight gold continued to have strong upward movement. The U.S. investors seek the hedging assets other than bonds, and the market was expected to return to high inflation countries. The gold spot gained a strong momentum.In the early Asian trade today, gold fast broke up and got strong pattern. The recent unilateral upward movement was perfect.
After achieving the target of increasing in the medium-term, the short-term second round of upward loop started. Long position remained. It is predicted that the target of gold will be near 1942.
Trading suggestions:
Recent long positions could be maintained, with stop-loss at 1851.50. Beware of the short-term continuity of gold, investors should not trade adversely.
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