Market Reviews of the Previous Day:
During NY session on 30, the euro fell against the dollar. From the debate over agreement of Europe for aiding Greece to the fall of the U.S. consumer confidence, market risk increased.
As the U.S. economy was nearly stalled in the first half year, the Fed's regular meeting in August, has been considering the acquisition of assets, i.e. the quantitative easing policy. Recently, the International Monetary Fund has generally downgraded the expected global economic growth, including the U.S. The Fed may have to prepare for the easing policy.
European Central Bank President Jean-Claude Trichet did not give warning to the inflation which had been doing for a long time in his speech. It implied that the European Central Bank may stop increasing interest rate in longer period. Trichet said since economic crisis, the euro currency remained stable. Other currencies cannot compare with it. The Eurozone credit problems were led by several state members, but not by the whole region.
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 16:00 Germany Unemployment Rate (August);
GMT+8 17:00 Eurozone Unemployment Rate (July);
GMT+8 17:00 Eurozone Consumer Confidence Index (August);
GMT+8 20:30 Canada GDP (June);
GMT+8 21:45 US Chicago Purchasing Managers' Index, pre-value 58.8 (August);
GMT+8 22:00 US Factory Orders, pre-value -0.8%/month (July).
Gold:
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.
It is expected that before the European bonds and the Federal Reserve policy were further visualized, gold remained to have high oscillation.
Trading suggestions:
Long position could be considered. Considering from the trend level with a reasonable profit and loss ratio, positions could be appropriately reduced.
During NY session on 30, the euro fell against the dollar. From the debate over agreement of Europe for aiding Greece to the fall of the U.S. consumer confidence, market risk increased.
As the U.S. economy was nearly stalled in the first half year, the Fed's regular meeting in August, has been considering the acquisition of assets, i.e. the quantitative easing policy. Recently, the International Monetary Fund has generally downgraded the expected global economic growth, including the U.S. The Fed may have to prepare for the easing policy.
European Central Bank President Jean-Claude Trichet did not give warning to the inflation which had been doing for a long time in his speech. It implied that the European Central Bank may stop increasing interest rate in longer period. Trichet said since economic crisis, the euro currency remained stable. Other currencies cannot compare with it. The Eurozone credit problems were led by several state members, but not by the whole region.
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 30, international gold closed higher and it hit a highest closing price in the week. It is because market expected the U.S. Federal Reserve Board (Fed) will further introduce the monetary easing policy to stimulate the economy. At the same time the U.S. Consumer Confidence Report is also disappointed.
Key Economic Data and Events:GMT+8 16:00 Germany Unemployment Rate (August);
GMT+8 17:00 Eurozone Unemployment Rate (July);
GMT+8 17:00 Eurozone Consumer Confidence Index (August);
GMT+8 20:30 Canada GDP (June);
GMT+8 21:45 US Chicago Purchasing Managers' Index, pre-value 58.8 (August);
GMT+8 22:00 US Factory Orders, pre-value -0.8%/month (July).
Gold:
Gold opened at 1788.28 USD on 30 August, with intra-day Low at 1783.96 USD and intra-day High at 1840.10 USD, eventually closing at 1835.50 USD. Intra-day range of 56.14 USD was seen.
Gold had an upward breakthrough after adjusting overnight in the adjustment area, closing with a large bullish candle. The rebound pattern continued currently. Theoretically the potential target of movement is near 1908 USD.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.
It is expected that before the European bonds and the Federal Reserve policy were further visualized, gold remained to have high oscillation.
Trading suggestions:
Long position could be considered. Considering from the trend level with a reasonable profit and loss ratio, positions could be appropriately reduced.
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