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.
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.
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.
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.
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