Trend has been formed perfectly in short and medium term

Market Reviews of the Previous Day:
During NY session on 2 August, the major currencies fluctuated and oscillated. The dollar index moved upward slightly.
Although the U.S. two major political parties have reached a compromise on the debt ceiling, avoiding the U.S. debt default, but investors still worried about the sluggish global economic growth and debt burdens of the U.S. and Europe.
Market basically continued the previous technical trend. There are still many uncertainties in the future. The recent wide range oscillation remained.

August 2, international gold closed higher. Due to the bleak prospect of economic growth and the recession, hedging demand rises. Gold was pushed upward from the inflow capital.

Key Economic Data and Events:
GMT+8 15:55 Germany Services Purchasing Managers Index (July);
GMT+8 16:00 Eurozone Services Purchasing Managers Index (July);
GMT+8 16:30 UK Services Purchasing Managers Index (July);
GMT+8 17:00 Eurozone Retail Sales (June);
GMT+8 22:00 U.S. Factory Orders (June);
GMT+8 22:00 U.S. ISM Non-manufacturing Index (July).
Gold:
Gold opened at 1620. 55 USD on 2 August, with intra-day Low at 1616.58 USD and intra-day High at 1660.80 USD, eventually closing at 1660.35 USD.

Gold moved perfectly on Tuesday, being affected by partial adjustment. At the long-term rise basis, gold achieved the short and medium term oscillation, and also formed retracement after the long period breakthrough.

In term of continuity, the uptrend in medium and long term confirmed if the price doesn't fall below1540. The estimated target will be at the range between 1740 and 1750.
Trading suggestions:
Long position in long term could be held with stop-loss below 1616 USD, targeting 1740.