Market Reviews of the Previous Day:
During NY session on 23 August, due to the expectation of Fed's policy, the dollar oscillated downward against major currencies. The Eurozone debt related information suppressed the euro so that it retreated after surging. The direction of the market is still uncertain. The exchange rate also depends on the more significant breakthrough factors.
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 23, international gold closed lower. The three major U.S. New York stock markets opened with slight higher price. The dollar rebounded against overall assets. The price of gold, went back below 1900 USD, had further expansion of decline.
Key Economic Data and Events:
GMT+8 17:00 German IFO Business Climate Index (August);
GMT+8 17:00 Eurozone Industrial Orders (June);
GMT+8 20:30 US Durable Goods Orders (July).
Gold:
Gold opened at 1896.51 USD on 23 August, with intra-day Low at 1824.40 USD and intra-day High at 1911.86 USD, eventually closing at 1828.74 USD. Intra-day range of 87.46 USD was seen.
Gold in Asian markets on Tuesday morning oscillated in a narrow range after surging, and it fell sharply when entering the American market, falling below the key support of 1,851. It confirmed that gold is in high adjustment and the partial upward movement ended Gold remained the previous trading option. When the overall upward momentum is losing, it enters the mid-term adjustment.
Trading suggestions:
Market turned to be at high oscillation. The possible oscillation range is between 1814 and 1911. Please beware of the continuity of the downward momentum.
During NY session on 23 August, due to the expectation of Fed's policy, the dollar oscillated downward against major currencies. The Eurozone debt related information suppressed the euro so that it retreated after surging. The direction of the market is still uncertain. The exchange rate also depends on the more significant breakthrough factors.
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 23, international gold closed lower. The three major U.S. New York stock markets opened with slight higher price. The dollar rebounded against overall assets. The price of gold, went back below 1900 USD, had further expansion of decline.
Key Economic Data and Events:
GMT+8 17:00 German IFO Business Climate Index (August);
GMT+8 17:00 Eurozone Industrial Orders (June);
GMT+8 20:30 US Durable Goods Orders (July).
Gold:
Gold opened at 1896.51 USD on 23 August, with intra-day Low at 1824.40 USD and intra-day High at 1911.86 USD, eventually closing at 1828.74 USD. Intra-day range of 87.46 USD was seen.
Gold in Asian markets on Tuesday morning oscillated in a narrow range after surging, and it fell sharply when entering the American market, falling below the key support of 1,851. It confirmed that gold is in high adjustment and the partial upward movement ended Gold remained the previous trading option. When the overall upward momentum is losing, it enters the mid-term adjustment.
Trading suggestions:
Market turned to be at high oscillation. The possible oscillation range is between 1814 and 1911. Please beware of the continuity of the downward momentum.
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