Market Reviews of the Previous Day:
During NY session on 5 August, major currencies diversified. The foreign exchange market basically continued the previous technical trend. There will still be many uncertainties in the future. The recent wide range oscillation and fluctuation maintained.
The growth of the July non-farm payroll was higher than the market expectation. It released some of the tension in the market. However, the rating agency Standard & Poor's downgraded the U.S. credit rating due to the concerns of the U.S. budget deficit and the growing debts. In addition, for the purchase of government bonds in Italy and Spain, the European Central Banks have reached a provisional agreement on the condition that two countries must make commitments of the economic reform.
Market investors concerned about the Fed's monetary policy meeting next week.
GMT+8 13:45 Swiss Unemployment Rate (July);
GMT+8 13:45 Swiss seasonally adjusted Unemployment Rate, pre-value 3.0 (July);
GMT+8 14:30 France BOF Business Confidence (July);
GMT+8 16:30 Eurozone Sentix Investors' Confidence (August).
Gold：
Gold opened at 1648.35 USD on 5 August, with intra-day Low at 1641.98 USD and intra-day High at 1670.15 USD, eventually closing at 1662.72 USD. Intra-day range of 28.17 USD was seen.
Trading suggestions:
Long position could be held temporarily, with stop-loss below 1616 USD, targeting 1740.
During NY session on 5 August, major currencies diversified. The foreign exchange market basically continued the previous technical trend. There will still be many uncertainties in the future. The recent wide range oscillation and fluctuation maintained.
The growth of the July non-farm payroll was higher than the market expectation. It released some of the tension in the market. However, the rating agency Standard & Poor's downgraded the U.S. credit rating due to the concerns of the U.S. budget deficit and the growing debts. In addition, for the purchase of government bonds in Italy and Spain, the European Central Banks have reached a provisional agreement on the condition that two countries must make commitments of the economic reform.
Market investors concerned about the Fed's monetary policy meeting next week.
August 5, international gold closed higher, the positive U.S. payroll data with the debt agreement reached among European Central Bank, Italy and Spain weakened investors' hedging demands.Market adjusted at high level.
Key Economic Data and Events:GMT+8 13:45 Swiss Unemployment Rate (July);
GMT+8 13:45 Swiss seasonally adjusted Unemployment Rate, pre-value 3.0 (July);
GMT+8 14:30 France BOF Business Confidence (July);
GMT+8 16:30 Eurozone Sentix Investors' Confidence (August).
Gold：
Gold opened at 1648.35 USD on 5 August, with intra-day Low at 1641.98 USD and intra-day High at 1670.15 USD, eventually closing at 1662.72 USD. Intra-day range of 28.17 USD was seen.
Gold oscillated at high level within a narrow range in short-term on Friday. The market uptrend maintained. The price was technically suppressed by the upside of the rising channel from Jan 28, 2011. In terms of continuity, if it is not a strong resistance, it will not be broken.
Considered from the trend continuity, if the price doesn't fall below 1616, and the uptrend of medium and long-term remained unchanged, the estimated target will be between 1740 and 1750.Trading suggestions:
Long position could be held temporarily, with stop-loss below 1616 USD, targeting 1740.
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