Market Reviews of the Previous Day:
During NY session on 26, the dollar rose and fell against major currencies. This week's speech of Bernanke did not imply the expected QE3.
Federal Reserve Chairman Ben Bernanke believed that there is a series of tools to stimulate economic growth, but he did not make specific statements, and did not announce any new economic stimulus measures. He said more policies will be discussed in the late September Federal Reserve's interest rate meeting Meanwhile, this week, the topic of the economic downturn has occupied the foreign exchange market. Several large investment banking institutions have reduced expectations for economic growth, and the value of the latest second-quarter U.S. gross domestic product (GDP) has also been revised downward. It is concerned that the second bottom in the market may be close.
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 20:30 US Personal Income, pre-value 0.1 (September).
Gold:
Starting from 1,703 there was a partial three-wave structure. It is estimated that the price near 1832 and 1836 may have adjustments or retreat.
Long period of the uptrend of gold is perfect currently. It turned to significant adjustments 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:
Short position could be considered near 1836, or selling after price breaking below 1814.4, or buying near the up moving channel from 1703 and targeting near 1730.
During NY session on 26, the dollar rose and fell against major currencies. This week's speech of Bernanke did not imply the expected QE3.
Federal Reserve Chairman Ben Bernanke believed that there is a series of tools to stimulate economic growth, but he did not make specific statements, and did not announce any new economic stimulus measures. He said more policies will be discussed in the late September Federal Reserve's interest rate meeting Meanwhile, this week, the topic of the economic downturn has occupied the foreign exchange market. Several large investment banking institutions have reduced expectations for economic growth, and the value of the latest second-quarter U.S. gross domestic product (GDP) has also been revised downward. It is concerned that the second bottom in the market may be close.
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 26, international gold continued to rebound. After the Federal Reserve's pessimistic expectation on the economy and the speech of launching more monetary policies in September, gold rebounded.
Key Economic Data and Events:GMT+8 20:30 US Personal Income, pre-value 0.1 (September).
Gold:
Gold opened at 1772.80 USD on 26 August, with intra-day Low at 1757.51 USD and intra-day High at 1828.00 USD, eventually closing at 1827.88 USD. Intra-day range of 70.49 USD was seen.
After gold announced yesterday the first round of the downward movement ended, with market comments and technical requirements, upward rebound continued, closing with the large bullish candle.Starting from 1,703 there was a partial three-wave structure. It is estimated that the price near 1832 and 1836 may have adjustments or retreat.
Long period of the uptrend of gold is perfect currently. It turned to significant adjustments 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:
Short position could be considered near 1836, or selling after price breaking below 1814.4, or buying near the up moving channel from 1703 and targeting near 1730.
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