Market Reviews of the Previous Day:
During NY session on 4 August, the dollar index rose to two-week high, the European currencies and commodity currencies fell sharply. Due to the market intervention by BOJ, the dollar rebounded sharply against the yen.
The European Central Bank and Bank of England maintained the interest rates unchanged as expected. In the Eurozone, debt crisis of Italy and Spain worsen so that hedging need increased.As investors worried that the global economy may fall back to recession, financial markets tumbled.
Europe's three major stock indexes fell more than 3%. The three major U.S. stock indexes fell more than 4%. The Dow Jones Index fell by 512.61 points in one day, hitting the highest single-day decline since December 1, 2008. The crude oil fell by 5.77% to 86.63 U.S. dollars / barrel due to the market risk aversion.
The Foreign exchange market basically continued the previous technical trend. There are still many uncertainties in the future. The recent wide range oscillation remained.
GMT+8 18:00 Germany Industrial Production (June);
GMT+8 19:00 Canada Unemployment Rate (July);
GMT+8 20:30 U.S. Non-agricultural Employment (July);
GMT+8 20:30 U.S. Unemployment Rate (July).
Gold:
In term of continuity, the uptrend in medium and long term confirmed if the price doesn't fall below1616.The estimated target will be at the range between 1740 and 1750.
Trading suggestions:
Long position could be held with stop-loss below 1616 USD, targeting 1740.
During NY session on 4 August, the dollar index rose to two-week high, the European currencies and commodity currencies fell sharply. Due to the market intervention by BOJ, the dollar rebounded sharply against the yen.
The European Central Bank and Bank of England maintained the interest rates unchanged as expected. In the Eurozone, debt crisis of Italy and Spain worsen so that hedging need increased.As investors worried that the global economy may fall back to recession, financial markets tumbled.
Europe's three major stock indexes fell more than 3%. The three major U.S. stock indexes fell more than 4%. The Dow Jones Index fell by 512.61 points in one day, hitting the highest single-day decline since December 1, 2008. The crude oil fell by 5.77% to 86.63 U.S. dollars / barrel due to the market risk aversion.
The Foreign exchange market basically continued the previous technical trend. There are still many uncertainties in the future. The recent wide range oscillation remained.
August 4, international gold closed lower, the afternoon New York market surged to 1,682 USD and then retreated sharply to 1639.85. It is believed that some investors sold gold futures to cover losses in other markets and traders said some investors sold the gold to recover the stock market margin. Gold futures faced pressures was also due to the rise of the dollar.
Key Economic Data and Events:GMT+8 18:00 Germany Industrial Production (June);
GMT+8 19:00 Canada Unemployment Rate (July);
GMT+8 20:30 U.S. Non-agricultural Employment (July);
GMT+8 20:30 U.S. Unemployment Rate (July).
Gold:
Gold opened at 1661. 76 USD on 4 August, with intra-day Low at 1641.05 USD and intra-day High at 1682.05 USD, eventually closing at 1647.98 USD. Intra-day range of 41 USD was seen.
Gold hit a new record on Thursday, but it failed to maintain the adjustment at high level.The market was affected by the fluctuation from financial markets.The market sentiment changed and the significant downside momentum partially appeared.In term of continuity, the uptrend in medium and long term confirmed if the price doesn't fall below1616.The estimated target will be at the range between 1740 and 1750.
Trading suggestions:
Long position could be held with stop-loss below 1616 USD, targeting 1740.
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