Market Reviews of the Previous Day:
During NY session on 24, the dollar rose and fell against major currencies. It rose against the euro and the yen while it was lower against the Canadian dollar. The U.S. Durable Goods Orders in July increased significantly, boosting investors' confidence in the U.S. economy. Market concerns about the monetary policy decision which may be announced this weekend by the Fed.
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 24, international gold closed much lower. Falling below 1,800/ounce, it was the biggest decline since March 2008.? Stock prices increased and market was not sure whether the Federal Reserve will issue the new round of stimulus measurement. In addition to the sharp increase of gold, price retreated from investors' profit taking.
Key Economic Data and Events:During NY session on 24, the dollar rose and fell against major currencies. It rose against the euro and the yen while it was lower against the Canadian dollar. The U.S. Durable Goods Orders in July increased significantly, boosting investors' confidence in the U.S. economy. Market concerns about the monetary policy decision which may be announced this weekend by the Fed.
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 24, international gold closed much lower. Falling below 1,800/ounce, it was the biggest decline since March 2008.? Stock prices increased and market was not sure whether the Federal Reserve will issue the new round of stimulus measurement. In addition to the sharp increase of gold, price retreated from investors' profit taking.
GMT+8 17:00 Switzerland ZEW Consumer Confidence Index (August);
GMT+8 20:30 U.S. Initial Claims for the Unemployment Benefit (August 20).
Gold:
Gold opened at 1829.15 USD on 24 August, with intra-day Low at 1750.13 USD and intra-day High at 1854.03 USD, eventually closing at 1758.90 USD. Intra-day range of 103.90 USD was seen.
There was no significant upward momentum on Wednesday. Due to the adjustment without momentum, price fell sharply when entering the North American market.The reverse momentum continued.
The key support currently is 1,723.40. If it is downward broken, it will show the end of the upward movement at daily chart. If it closes below 1,723.40,there will be further retreat.
Trading suggestions:Gold opened at 1829.15 USD on 24 August, with intra-day Low at 1750.13 USD and intra-day High at 1854.03 USD, eventually closing at 1758.90 USD. Intra-day range of 103.90 USD was seen.
There was no significant upward momentum on Wednesday. Due to the adjustment without momentum, price fell sharply when entering the North American market.The reverse momentum continued.
The key support currently is 1,723.40. If it is downward broken, it will show the end of the upward movement at daily chart. If it closes below 1,723.40,there will be further retreat.
The oscillation range may move down to 1814-1723. It is predicted that the price will fluctuate above 1723. If there is significant fluctuation, investors could sell at high price and trade in oscillation temporarily.
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