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.
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:
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.
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.
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