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.
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.
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.
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.
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