Market Reviews of the Previous Day:
During NY session on 10 August, the dollar index went up in oscillation, getting higher fluctuation.
The U.S. economic prospect and the Eurozone debt concerns contributed to the tumble of global stock markets. The risk currencies, like euro, were sold-off once again.
After the U.S. sovereign credit rating was downgraded, the Eurozone AAA rated countries are also facing the same risk, in which the French rating is particularly affected. Three major rating agencies quickly denied that, but it seems to be difficult to calm the panic in the market.
The 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 Eurozone ECB released Monthly Report (August);
GMT+8 20:30 Canada Trade Balance (June);
GMT+8 20:30 U.S. Trade Balance, pre-value -50.2 billion USD (June);
GMT+8 20:30 U.S. Weekly Initial Claims for Unemployment Benefits (August 5).
The rise in the medium-term has finished. It takes at least 1-2 months adjustment before the gold rises further.
In a short-term trend, there will still be 5 trading days with high oscillation or upward movement partially.
Gold is in large adjustment cycle. There may be higher record.
Trading suggestions:
Positions could be closed after achieving the medium-term target, and the rest could be held in a small amount with take-profit at 1739. Continuity should be noted. If there is a secondary adjustment in short-term, long position could be considered appropriately.
During NY session on 10 August, the dollar index went up in oscillation, getting higher fluctuation.
The U.S. economic prospect and the Eurozone debt concerns contributed to the tumble of global stock markets. The risk currencies, like euro, were sold-off once again.
After the U.S. sovereign credit rating was downgraded, the Eurozone AAA rated countries are also facing the same risk, in which the French rating is particularly affected. Three major rating agencies quickly denied that, but it seems to be difficult to calm the panic in the market.
The 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 10, international gold closed much higher, due to concerns about the European and American economic prospects and debt crisis. The hedged buying increased. Market may continue to focus on sentiment changes.
Key Economic Data and Events:GMT+8 16:00 Eurozone ECB released Monthly Report (August);
GMT+8 20:30 Canada Trade Balance (June);
GMT+8 20:30 U.S. Trade Balance, pre-value -50.2 billion USD (June);
GMT+8 20:30 U.S. Weekly Initial Claims for Unemployment Benefits (August 5).
Gold:
Gold opened at 1741.50 USD on 10 August, with intra-day Low at 1739.02 USD and intra-day High at 1796.97 USD, eventually closing at 1793.81 USD. Intra-day range of 57.95 USD was seen.
Gold continued the up movement on Wednesday. Short-term speculators again pushed up the price.Gold opened at 1741.50 USD on 10 August, with intra-day Low at 1739.02 USD and intra-day High at 1796.97 USD, eventually closing at 1793.81 USD. Intra-day range of 57.95 USD was seen.
The rise in the medium-term has finished. It takes at least 1-2 months adjustment before the gold rises further.
In a short-term trend, there will still be 5 trading days with high oscillation or upward movement partially.
Gold is in large adjustment cycle. There may be higher record.
Trading suggestions:
Positions could be closed after achieving the medium-term target, and the rest could be held in a small amount with take-profit at 1739. Continuity should be noted. If there is a secondary adjustment in short-term, long position could be considered appropriately.
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