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.
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:
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.
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.
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