Market Reviews of the Previous Day:
During NY session on 17 August, USD fell against major currencies. Increasing of US July producer price index and inflation pressures were partially offset the expectation of investors for the Fed that may put a new round of quantitative easing monetary policy.
Besides, Bank of England's latest monetary policy meeting minutes showed the decision to keep the interest rates unchanged.
The whole structure of the foreign exchange market continued the previous big technology trends. There are still many uncertainties. Wide range of recent shocks repeatedly maintained.
International Gold is closed at high pace on Wednesday but the volatility is narrowed. Investors are continued to worry about the European debt problem so gold is still being a hedge fund asset.
During NY session on 17 August, USD fell against major currencies. Increasing of US July producer price index and inflation pressures were partially offset the expectation of investors for the Fed that may put a new round of quantitative easing monetary policy.
Besides, Bank of England's latest monetary policy meeting minutes showed the decision to keep the interest rates unchanged.
The whole structure of the foreign exchange market continued the previous big technology trends. There are still many uncertainties. Wide range of recent shocks repeatedly maintained.
International Gold is closed at high pace on Wednesday but the volatility is narrowed. Investors are continued to worry about the European debt problem so gold is still being a hedge fund asset.
Key Economic Data and Events:
GMT+8 16:30 UK retail sales (July);
GMT+8 17:00 Eurozone Construction spending (June);
GMT+8 20:30 Canada Wholesale Sales (June);
GMT+8 20:30 U.S. Consumer Price Index (July).
Gold:
Gold opened at 1786.05 USD on 17 August, with intra-day Low at 1781.28 USD and intra-day High at 1794.70 USD, eventually closing at 1790.70 USD. Intra-day range of 13.42 USD was seen.
Gold was moving upward strongly in the expected volatility but the market is still have no part of the running rhythm and volatility is narrowed. It may increase the adjustment in short term.At present, the movement of upward will not continue. If the price needs to be going upwards, it needs to be adjustment within 1 to 2 months.
The trend in short-term will make the pace of gold into adjustment on high level.
Trading suggestions:
To maintained recently suggestion. The Price of gold will be moved in the wide range of 1720-1814, trading can be made in short term. Buy in at USD 1767 is suggested as the price may move downward.
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