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.
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:
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.
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.
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