Gold went down before closing, and certain downward range appeared

Market Reviews of the Previous Day:
During NY session on 15 September, the Federal Reserve and other central banks joined the European Central Bank to launch a currency swap agreement. It will inject the dollar into the Europe bank industry which appeared funding crisis. Market confidence turned stable.
The dollar fell against major currencies, but the euro's rebound was not supported by the improvement of the real economy. Technically there was no symptom of upward movement.
European banking industry is deeply falling to the debt crisis. The central bank's action was just to give more time for Europe to solve the problem, and there was no real improvement in the crisis.
Some people think that this move of the European Central Bank was a temporary solution, and did not solve the Greek insolvency problem. It is predicted that policy makers have prepared for Greek default, and may be looking for more measures in the coming months.
The current foreign exchange market basically continued the main structure of the previous technical trend.
September 15, international gold closed lower. The world's major central banks provided dollar liquidity to maintain stability of financial market. The market risk aversion therefore dissipated rapidly. Gold had a certain sell-off.
Key Economic Data and Events:
GMT+8 16:00 Eurozone Current Account (July);
GMT+8 17:00 Eurozone Trade Balance (July);
GMT+8 21:00 US Long-term Net Capital Inflows (July);
GMT+8 21:55 US University of Michigan Consumer Confidence Index (September).
Gold:
Gold opened at 1820.03 USD on 15 September, with intra-day Low at 1773.63 USD and intra-day High at 1826.39 USD, eventually closing at 1789.21 USD. Intra-day range of 52.76 USD was seen.
Gold fell before closing on Thursday, breaking the low level 1790 USD from September 7 and the up moving trend line from July 1, 2011. The down moving range appeared.
The current resistance is at 1827 and 1844 USD, and the support is at 1718 and 1703.
Trading suggestions:
After downward breaking, the target theoretically is at 1718 and 1703. However, since the downward breakthrough of the up moving trend line before closing was not obvious, selling gold could lower the position.

Volatility narrowed, waiting for the breakthrough in the direction

Market Reviews of the Previous Day:
During NY session on 14 September, the dollar had certain decline, boosted by some positive news. The sell-off of the euro against the dollar has been suspended, but the market was cautious.
German Chancellor Angela Merkel and French President Nicolas Sarkozy said and believed that Greece will not withdraw from the Eurozone, but in the absence of a viable measure, the market was still unstable.
The current foreign exchange market basically continued the previous technical trend.
September 14, international gold closed slightly lower. The urgent needs of solving the debt crisis have pushed investors to return to the high-risk market and the dollar remained steady. European Commission President Jose Manuel Barroso said the EU Commission will soon announce the launch the program of the European bond.
Key Economic Data and Events:
GMT+8 16:30 UK Retail Sales (August);
GMT+8 17:00 Eurozone Consumer Price Index (August);
GMT+8 20:30 US Consumer Price Index (August);
GMT+8 20:30 US Current Account (2nd quarter);
GMT+8 20:30 US Initial Jobless Claims (September 10);
GMT+8 21:15 US Industrial Production (August).
Gold:
Gold opened at 1834.80 USD on 14 September, with intra-day Low at 1809.38USD and intra-day High at 1844.47USD, eventually closing at 1820.87 USD. Intra-day?range of 35.09 USD was seen.
Gold narrowed the volatility on Wednesday. It recovered in short-term without further momentum. The current range of fluctuation is decreasing. The consolidation pattern appeared in the daily chart.
The current resistance is at 1845 USD and the support is at 1790.
The two-side breakthroughs implied a certain range of movement. The further resistance is at 1885 and 1920, and the support is at 1703.
Trading suggestions:
The narrow fluctuation range is at 1845-1790. After being broken, a larger movement appeared.

The partial oscillation maintained

Market Reviews of the Previous Day:
During NY session on 13 September, the dollar rose and fell against major currencies, and the euro rose slightly against the dollar. Market will continue to focus on the latest news of debt crisis in the Eurozone. Under the influence of various rumors, market sentiment was erratic.
Foreign exchange market basically continued the previous technical trend.

September 13, international gold closed slightly higher. The bid rate of the Italian five-year government bond has been recorded the highest level among similar bonds since the establishment of the Eurozone, The worry of European debt went up.? In addition to the retreat of the dollar, gold price was pushed up, and eventually close modestly higher.

Key Economic Data and Events:
GMT+8 16:30 UK Unemployment Rate (August);
GMT+8 17:00 Eurozone Industrial Production (July);
GMT+8 20:30 US Producer Price Index (August);
GMT+8 20:30 US Retail Sales (August);
GMT+8 22:00 US Business Inventories (July).
Gold:
Gold opened at 1815.03 USD on 13 September, with intra-day Low at 1800.32 USD and intra-day High at 1843.74 USD, eventually closing at 1834.93 USD. Intra-day range of 43.42 USD was seen.

Gold rose slightly on Tuesday. It rebounded near the low level at September 7. The adjustment at high level and fluctuation were significant.

Suppose the partial channel was constructed at September 7 and September 12, the up moving range of which will reach1890. The further resistance will be at the record high 1,920.38.
The current downside supports are the trend line 1780 USD constituted by connections of the low points at July 1 and August 25, and the predicted minimum target level of 1,759.
The current long period of the uptrend is perfect. Gold turned to significant adjustment in the mid-term.
Trading suggestions:
The partial oscillation range is at 1885.70-1792.50. Trading around the upside and downside range could be considered when opening position.

Gold retreated and adjusted at the range

Market Reviews of the Previous Day:
During NY session on 12 September, the euro against the dollar retreated at low level since seven months.
It is said that Greek economic recession in 2011 may exceed the rate of 5%, increasing the difficulty of its financial constraint target. Germany may abandon the plan to aid Greece, adding investors' expectation toward the Greek debt default.
Foreign exchange market basically continued the previous technical trend.

September 12, international gold hit the two-week low. Stock prices and the dollar rose. As investors worried about other markets being affected by the European debt, gold was sold-off.

Key Economic Data and Events:
GMT+8 13:30 France Consumer Price Index (August);
GMT+8 16:30 UK Consumer Price Index (August);
Gold:
Gold opened at 1855.80 USD on 12 September, with intra-day Low at 1801.95 USD and intra-day High at 1862.19 USD, eventually closing at 1815.03 USD. Intra-day range of 60.24 USD was seen.

Gold fell on Monday. It adjusted at high level and fluctuated in short-term.

Suppose the partial channel was constructed at September 7 and September 12, the up moving range of which will reach1890. The further resistance will be at the record high 1,920.38.
The current downside supports are the trend line 1780 USD constituted by connections of the low points at July 1 and August 25, and the predicted minimum target level of 1,759.
The current long period of the uptrend is perfect. Gold turned to significant adjustment in the mid-term.
Trading suggestions:
The partial oscillation range is at 1885.90-1792.20. Trading around the upside and downside range could be considered when opening position.

Price fluctuated and market is waiting for the clear direction

Market Reviews of the Previous Day:
During NY session on 9, the euro against the dollar fell to its lowest level in more than six months, and it fell at a decade low against the yen. Since there were rumors that Greece would have debt default, and also Stark, the European Central Bank chief economist, has resigned from the bank under the Executive Committee. It showed that the central Bank board members had different point of view on how to resist the problems of the debt crisis.
The 447 billion employment policy launched by Obama showed that it should not be optimistic about the current economic situation. The concerns about the economic prospect created high market risk sentiment, supporting the dollar.
Foreign exchange market basically continued the previous major patterns in the technical trend.
The dollar index, the euro and the pound have been adjusted due to the large increase and decrease from June 2010. We should focus on the time and extent of the adjustment.
During this process there is a lot of fluctuation. It lacks a pattern with one-way movement. There are many constraints and uncertainties in the partial pattern.

September 9, international gold closed slightly lower. After retreating sharply, gold rebounded rapidly. The dollar went strong so that it suppressed the price of gold, but the stock market and commodities market tumbled which prompted investors to buy gold and other hedging assets.

Key Economic Data and Events:
GMT+8 09:30 Australia Trade Balance (July);
GMT+8 00:00 US Fed Fisher's speech (13 September).
Gold:
Gold opened at 1869.88 USD on 9 September, with intra-day Low at 1825.59 USD and intra-day High at 1885.48 USD, eventually closing at 1854.01 USD. Intra-day range of 59.89 USD was seen.

Gold fell rapidly in the European morning market last Friday. Then it rebounded due to the buying orders. The momentum appeared. The price closed with bearish candle with a long shadow in the daily chart.

The high adjustment in short-term and fluctuation were clear. The current long period of the uptrend is perfect. Gold turned to significant adjustment in the mid-term.
After confirming the whole pattern, we can observe the formation of partial adjustment, in order to facilitate the market continuity and the movement.
Trading suggestions:
The suggestion of last Friday maintained. Please beware of the trend line 1770 USD which constructed by the low points from 1 September and 25 August. The partial oscillation range is at 1920.38-1800.00. Investors could consider opening the position near the upside and downside range.

The dollar rebounded and gold retreated after reaching a record high

The recentmovements of the gold price were basicallydriven by market sentiment.After breaking above1, 900 USD from the end of August, market has been waiting for the price of 2,000. Coupled with the lack of obvious bearishfactors, gold tends to be easy to rise, but difficult to fall. Last Tuesday, the highest spot price rose to a new high of 1,921. The resistanceencounteredduring the movement was small, so the buying orders could easily push gold to a high price. After reaching a record highon Tuesday, gold fell slightly. When the dollarstrengthened, gold closed slightly lower, bringing a downwardadjustment on Wednesday. It fell from the high price 1,880 to 1,791with one-day decline of nearly90. It has rebounded to 1.870.50on Thursday, but the breaking momentumwas not sufficient. It was slightly up on Friday, but in the end due to the stronger dollar,gold finallyclosed at 1,858.on Friday.

The dollar rebounded significantly last week. The euro against the dollar continued the downward movement, with high level of 1.4290 on Tuesday. After that the dollar slipped every day, falling to 1.3630 on Friday. The dollar surged sharply against the hedging currency,Swiss franc, jumping from78.40to 86.30, an increase of almost 800 point. From the recent U.S. economic data andperformance, the U.S. economy does not pick up,but because of the worse capital marketexpectation in Europe, capital flew into the dollar. Swiss franc had been supported by capital inflows, but the Swiss central bank had to stop theSwiss franc continuing to rise. After a series of measures, investors closed the long position ofthe Swiss franc, and also sold it off due to fall of euro. In short-term, the dollar exchange rate in the foreign exchange marketcanbe stabilized and rise. However, can the strong dollar stop the test of gold reaching the target of 2,000.It is difficult to determine.

Observed from the chart, the price of gold did not form a new trend. On the chart there was only support of 1,780 could be measured, and only a target in the upward movement, but no resistance. The volatility this week is estimated at 1,780 to 1,920. As thedollarstrengthened, gold may not have high price in this week. But we should note that the recent trading volume of the gold market have increased significantly, showing the trading interests and emotions are high, which are more conducive to the rise of gold.
Silver is still underperforming the gold, and the high price was only at 43.35, not breaking the high levellast week. This week’s trend will follow the gold,but is still behind it. The volatility is estimated at 40 to 43.50.

Momentum appeared and gold rebounded

Market Reviews of the Previous Day:
During NY session on 8, the dollar oscillated against major currencies.
European Central Bank decided to keep interest rates unchanged, but Trichet said there were downside risks to the economy at a news conference . He showed the readiness to provide liquidity to the market at any time. It implied a pause to the raise of interest rate.
On the other side, Federal Reserve Chairman Ben Bernanke said the Fed has been trying to maintain the value of the dollar. The loose monetary policy will ultimately benefit the dollar of which the position will not change in a long period of time. Foreign exchange market basically continued the previous technical trend.
The dollar index, the euro and the pound have been adjusted due to the large increase and decrease from June 2010. We should focus on the time and extent of the adjustment.
During this process there is a lot of fluctuation. It lacks a pattern with one-way movement. There are many constraints and uncertainties in the partial pattern.

September 8, international gold closed sharply higher. On that day, the European Central Bank lowered the economic growth forecast for the Euro zone and the number of applicants for U.S. unemployment benefits increased. Currently investors are waiting for the U.S. President Barack Obama's speech on the release of the U.S. economy.

Key Economic Data and Events:
GMT+8 16:30 UK Producer Input Price Index (August);
GMT+8 19:00 Canada Unemployment Rate (August);
GMT+8 22:00 US Wholesale Inventories (July).
Gold:

Gold opened at 1817.83 USD on 8 September, with intra-day Low at 1813.91 USD and intra-day High at 1870.45 USD, eventually closing at 1869.8 USD. Intra-day range of 56.54 USD was seen.

Gold rose overnight. The upward momentum appeared. It closed with bullish candle in the daily chart, almost covering the large bearish candle from the previous day.
The current long period of the uptrend is perfect. Gold turned to significant adjustment in the mid-term.
Trading suggestions:
Please beware of the trend line 1770 USD which constructed by the low points from 1 September and 25 August. The partial oscillation range is at 1920.38-1800.00. Investors could consider opening the position near the upside and downside range.

Retreating quickly, the movement could be restricted

Market Reviews of the Previous Day:
During NY session on 7, the dollar oscillated against major currencies.
After German Constitutional Court supported the relief operations in the Eurozone, the concern of the sovereign debt eased.
Investors focus on the Obama's employment plan which will be announced on 8th and also the ECB monetary policy meeting at the same day.
Foreign exchange market basically continued the previous technical trend.
The dollar index and the pound have been adjusted due to the large increase and decrease from 6 October. We need to focus on the time and extent of the? adjustment. The trend of the euro will soon be clear. It fluctuates during the process and there are many uncertainties in the partial pattern.

September 7, international gold closed sharply lower. Investors switched a lot of capital to stock markets. The hedged function of gold weakened. The price fell below 1,800. Before that, the German Constitutional Court's decision has supported Germany to participate in the Eurozone rescue operations.

Key Economic Data and Events:
GMT+8 19:00 UK Central Bank announced Interest Rate Decision, pre-value 0.5%;
GMT+8 19:45 Eurozone European Central Bank Interest Rate Decision, pre-value 1.5%;
GMT+8 20:30 US Trade Balance, pre-value -53.1 billion (July).
Gold:

Gold opened at 1873.45 USD on 7 September, with intra-day Low at 1794.02 USD and intra-day High at 1880.50 USD, eventually closing at 1817.85 USD. Intra-day range of 86.48 USD was seen.

Gold retreated quickly on Wednesday, closing with a large bearish candle. It went to adjustment at high level and the pattern of wide range oscillation.
Since gold retreated sharply after surging, if it loses the continuity of up moving, the adjustment from partial double-top occurs.
The current long period of the uptrend is perfect. Gold turned to significant adjustment in the mid-term.
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:
The trading pattern of yesterday could be maintained. The wide range oscillation of gold is at 1920.38-1790.50. Selling orders could be held. If there is
partial adjustment, investors could consider selling again. Please beware of the trend line 1770 USD which constructed by the low points from 1 September and 25 August. It is a movement restriction.

Retreat after surging, the partial adjustment appeared

Market Reviews of the Previous Day:
During NY session on 6, due to the minimum exchange rate of the euro against the Swiss franc set by the Swiss National Bank, foreign exchange market oscillated. The dollar and the euro rose sharply against the Swiss franc. At the same time, the dollar rose against other currencies.
Swiss National Bank suddenly announced during European time, the lowest exchange rate of the euro against the Swiss franc was set at 1.20, with the greatest determination to maintain a minimum target level, and it also prepared for buying foreign currencies without limit. Swiss National Bank had this decision because the sharp appreciation of the Swiss franc is not only a real threat to the economy, but also bringing the risk of deflation.
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.

September 6, international gold closed lower, retreating after reaching the historical high level. Due to the retreat after profit-taking and the stronger dollar, the need of gold was restricted.

Market will focus on the speech of United States President Barack Obama in the evening of September 8 regarding the boost of the job market, and it is also awaiting the Policy Committee meeting of Federal Reserve during September 20-21.
Key Economic Data and Events:
GMT+8 16:30 UK Industrial Production (July);
GMT+8 18:00 Germany Industrial Production (July);
GMT+8 21:00 Bank of Canada Interest Rate Decision;
GMT+8 22:00 Canada IVEY Purchasing Managers Index (August).
Gold:
Gold opened at 1900.51 USD on 6 September, with intra-day Low at 1863.45 USD and intra-day High at 1920.38 USD, eventually closing at 1872.55 USD. Intra-day range of 56.93 USD was seen.

After gold rose to a record high on Tuesday, it retreated due to the profit-taking. When the positive tertiary industrial data in August announced in the U.S., there was further decline for the hedged buying.? In addition, the dollar strengthened against the euro and Swiss franc gave certain pressure to gold.

Observed from the performance yesterday, the up movement of gold in short-term finished, entering the adjustment at high level.
Since gold retreated sharply after surging, if it loses the continuity of up moving, the adjustment from partial double-top occurs.
The current long period of the uptrend is perfect. The market sentiment is high. Gold turned to significant adjustment in the mid-term.
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:
It is not able to have breakthrough. The wide range oscillation of gold is at 1920.38-1840.00. Investors should note the market fluctuation. Based on the analysis, selling at a high level, or selling after breaking down the up moving channel from August 25 could be considered.

Gold continued to go up, approaching the previous high level

Market Reviews of the Previous Day:
During NY session on 6, the dollar rose in oscillation against major currencies. Risk aversion dominated the market on Monday
The euro and sterling fell significantly. The recent economic data once again showed that the Eurozone and the UK economies were slowing, but the debate triggered by debt crisis which has not been solved intensified.
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.

September 6, international gold closed higher. Due to the concerns of the global economy and the Europe debt crisis, investors sought for risk aversion. Gold again surged to the key point 1900 USD, approaching the high record which hit at the end of August.

Market will focus on the speech of the United States President Barack Obama in the evening of 8 September regarding the boost of the job market. It is also awaiting the Policy Committee meeting of the Federal Reserve during September 20-21.
The U.S. President Barack Obama will announce a series of job creation and deficit reduction plan to the federal government on Thursday. Market expected that, Obama may launch six employment promotion programs, including the extension of the payroll tax relief period, extension of the period of receiving unemployment insurance, tax breaks for employers, signing trade agreements and increasing infrastructure spending. It intended to enhance economic growth for 1% or 1.5%. That means it will increase 500,000 to 1 million jobs.
In addition, the Fed may launch further monetary stimulus earlier in the first meeting during September 20-21 which is expected to do "reverse operation" for the short-term and long –term debts. It may also expand the asset purchases. By reducing long-term market interest rate, the companies and public financing and spending will be further stimulated.
Key Economic Data and Events:
GMT+8 12:30 Australia Fed announced the decision of interest rate, pre-value 4.75%;
GMT+8 17:00 Eurozone GDP (2nd quarter);
GMT+8 18:00 Germany Manufacturing Orders (July);
GMT+8 22:00 US ISM Non-manufacturing Index (August).
Gold:

Gold opened at 1883.80 USD on 5 September, with intra-day Low at 1874.6 USD and intra-day High at 1903.43 USD, eventually closing at 1900.51 USD. Intra-day range of 28.83 USD was seen.

Gold went up slightly after oscillating at the narrow range last Friday. Supported by the MA system in the daily chart, the current rebound continued.
The upside 1911.86 is the momentum conversion. As it is a strong resistance, the breakthrough is not confirmed.
Please beware of the possible formation of the partial double-top adjustment.
Observed from the smooth adjusted structure in the 4-hour chart level, the target of 1,940 can be achieved theoretically after breaking the upper high record.
The current long period of the uptrend is perfect. The market sentiment is high. Gold turned to significant adjustment in the mid-term.
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:
Before breaking the historical high level, the wide range oscillation of gold is at 1911.86-1850.00. Long position could temporarily set the upper range as a target, but the upward breakthrough is not confirmed; or it could be held with take-profit. By using passive way of closing position, the time and price depend on the market.

Gold and silver broke through upward and it is expected to continue

Gold fell down in the early last week and started the high adjustment. It turned to choppy oscillation in the partial narrow range. Gold finally broke through upward and hit a new rebound record.

On Monday, when the partial upward momentum was consumed, gold retreated sharply from the rebound high level1830 USD to1776.57. The continuity of rebound was tested. However, gold closed with a huge bullish candle on Tuesday which completely covered the previous decline, hitting a new rebound record of 1,840. Gold started the high adjustment. On Wednesday, the market volatility significantly narrowed and it turned to narrow range choppy consolidation. The volatility was still more than twenty dollar. Following the pattern in the previous day, gold on Thursday down tested 1814 again and it was steady. Due to the technical breakthrough and risk aversion sentiment, gold continued the rebound momentum, hitting the highest level 1,884.80. It closed at a highest level, with a large bullish candle.

After the sudden decline at 1911.86, being affected by the economic situation and the buying and selling orders at low level, gold continued to rise. Now it is gradually approaching the previous high level and the strong oscillation maintained.

Observed from a technical trend, gold was supported by the daily MA system. There are still some buying orders due to the risk aversion and hedging need. The rebound pattern continued, but the previous high record of 1911.86, a momentum conversion, is regarded as a strong resistance. The upward breakthrough is not confirmed.

It is expected the possibility of testing the historical high price is still high. The down support is at 1,824.67. If the price fell below this point, the rebound will end in short-term. Before breaking the historical high record, the wide range oscillation is at 1911.86 -1703.47. If it was broken though before closing, the potential target is 1,940.

Gold broke though upward and closed sharply higher

Market Reviews of the Previous Day:
During NY session on 2, the dollar rose in oscillation against major currencies.
The U.S. Labor Department data show that the U.S. non-farm sector's unemployment rate in August is unchanged from the previous month, remaining at a high level 9.1%. In August, the 17,000 jobs added in private sector were offset by the reduction of 17,000 jobs in public sector. So, new jobs in the United States were zero, well below 80,000 of what economists expected. It is the worst month of employment situation since September 2010.
In Europe, the Greek finance minister said earlier that the magnitude of the recession may be far more than previously expected. It will very likely not complete the fiscal tightening targets. The concern on the possibility of Greek debt default was raised again.
Market will focus on the speech of the U.S. President Barack Obama on the economy situation in the evening of Sept. 8. It is also awaiting the Policy Committee meeting of Federal Reserve on September 20-21.
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.

September 2, international gold closed sharply higher. Due to the released of the disappointed payroll report in the U.S., investors sought for risk aversion. For other metal trading in the New York market, the futures' prices of most metals followed the gold and moved higher.

A series of economic data released this week show the situation about the U.S. economic recovery is not optimistic.The expectation of investors for the U.S. Federal Reserve further launching monetary stimulus enhanced.
Key Economic Data and Events:
GMT+8 15:55 Germany Services Purchasing Managers Index (August);
GMT+8 16:00 Eurozone Services Purchasing Managers Index (August);
GMT+8 16:30 UK Services Purchasing Managers Index (August);
GMT+8 16:30 Eurozone Sentix Investor Confidence Index (September);
GMT+8 17:00 Eurozone Retail Sales (July).
Gold:

Gold opened at 1825.90 USD on 2 September, with intra-day Low at 1824.67 USD and intra-day High at 1884.80 USD, eventually closing at 1883.43 USD. Intra-day range of 60.13 USD was seen.

Gold broke through upward in short-term on last Friday. It closed sharply higher after being driven by the risk aversion sentiment in the market. The rise was more than the previous estimated target 1860 predicted from an hourly level structure.
The current rebound continued. Supported by the daily MA system, if we observed from the adjusted structure of the overall 4-hour chart level (the structure is not standard), the theoretical target of gold will reach 1,940 after breaking above the upper high record.
The current long period of the uptrend is perfect. The market sentiment is high. Gold turned to significant adjustment in the mid-term.
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:
Before breaking the historical high level, the wide range oscillation of gold is at 1911.86-1830.50. Long position could temporarily set the upper range as a target, but the upward breakthrough is not confirmed; or it could be held with take-profit.

With choppy consolidation, market lost direction

Market Reviews of the Previous Day:
During NY session on 1, the euro fell against the major currencies, being affected by the data which show that manufacturing activities in most of the Eurozone countries reduced. The key U.S. employment report released on 2 may increase the market concern on recession.
The Euro against the dollar hit the low level in the recent three weeks. It also fell against the yen and dropped by 2% against Swiss franc.
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.
September 1, due to the U.S. economic data stronger than expected and the strong dollar, market participants do not want to trade in a large-scale before the release of the payroll data. Oscillation in the narrow range remained in short-term, and it lacked the direction. Investors will focus on Friday's payroll data. If the data is not satisfactory, it will further increase the possibility of launching QE3.
Key Economic Data and Events:
GMT+8 20:30 US Non-agricultural Employment (August);
GMT+8 20:30 US Unemployment Rate (August).
Gold:
Gold opened at 1824.80 USD on 1 September, with intra-day Low at 1814.90 USD and intra-day High at 1830.43 USD, eventually closing at 1826.15 USD. Intra-day range of 15.53 USD was seen.

Gold oscillated slightly overnight. The choppy consolidation in narrow range continued in short-term. Market direction was not determined yet.

Observed from the partial momentum and the potential structure, gold moved slightly upward, but it needs stronger momentum. Once breaking upward, the potential target will be near 1855-1860 USD.
Please note that the long period choppy consolidation may have reverse movement, enlarging the range of retreat.
The current long period of the uptrend is perfect. 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:
Combing the areas of upward breakthrough and retreat, it is predicted that the oscillation range is 1860-1780. Range trading could be considered.