Market Reviews of the Previous Day:
During NY session on 29, the dollar rose and fell against major currencies. Market lacks an effective motivation. Last Friday, the Federal Reserve Bank did not imply QE3 in the global annual meeting. It postponed the discussion of specific stimulating policies to this week's Federal Reserve meeting on interest rate. The Fed did not refuse to launch further stimulus so that the dollar was under pressure.
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.
GMT+8 17:00 Eurozone Business Climate Index (August);
GMT+8 20:30 Canada Industrial Product Price Index (July);
GMT+8 22:00 US Conference Board Consumer Confidence Index (August).
Gold:
Gold opened at 1827.88 USD on 29 August, with intra-day Low at 1776.57 USD and intra-day High at 1829.00 USD, eventually closing at 1788.30 USD. Intra-day range of 52.43 USD was seen.
Long period of the uptrend of gold is perfect currently. It turned to significant adjustment in the mid-term. The adjustment of up movement from July 1at least takes one month.
After the overall pattern is confirmed, we can observe the formation of the partial adjustment, in order to facilitate the prediction of continuity and movement.
Trading suggestions:
Selling orders could be held near 1830. Beware of the continuity of falling. Range trading is suggested.Short position could be considered appropriatelybelow 1814.4, with stop-loss at the high level of yesterday. Trend traders could consider long position when the up movement continues.
During NY session on 29, the dollar rose and fell against major currencies. Market lacks an effective motivation. Last Friday, the Federal Reserve Bank did not imply QE3 in the global annual meeting. It postponed the discussion of specific stimulating policies to this week's Federal Reserve meeting on interest rate. The Fed did not refuse to launch further stimulus so that the dollar was under pressure.
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 29, international gold fell sharply. The European and U.S. stock markets rose. With less risk, the hedging assets including gold were sold-off. Spot gold fell sharply, closing at 1,788.30 dollars / ounce.
Key Economic Data and Events:GMT+8 17:00 Eurozone Business Climate Index (August);
GMT+8 20:30 Canada Industrial Product Price Index (July);
GMT+8 22:00 US Conference Board Consumer Confidence Index (August).
Gold:
Gold opened at 1827.88 USD on 29 August, with intra-day Low at 1776.57 USD and intra-day High at 1829.00 USD, eventually closing at 1788.30 USD. Intra-day range of 52.43 USD was seen.
?With the appropriate technical factors, gold came across resistance at high price on Monday, falling sharply before closing.
Compared with the rebound from August 25 and yesterday's retreat, the alternative momentum has not appeared yet. It is possible that gold will move up again after adjusting in the adjustment area from yesterday.Long period of the uptrend of gold is perfect currently. It turned to significant adjustment in the mid-term. The adjustment of up movement from July 1at least takes one month.
After the overall pattern is confirmed, we can observe the formation of the partial adjustment, in order to facilitate the prediction of continuity and movement.
Trading suggestions:
Selling orders could be held near 1830. Beware of the continuity of falling. Range trading is suggested.Short position could be considered appropriatelybelow 1814.4, with stop-loss at the high level of yesterday. Trend traders could consider long position when the up movement continues.
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