K-Line on the map, spot gold closed at today under the shadow put on the line in Yangxian. Asian sessions, spot gold by promoting technical rebound and European sessions, due to the pressure by the dollar's rally, the spot gold price-taking earlier or New York sessions, investors buy the dips again to promote gold rose slowly.
Spot gold hit 902.80 U.S. dollars a maximum / ounce, the lowest lowered to 879.10 U.S. dollars / oz, to close at 899.50 U.S. dollars / oz, or 1.98 percent, in New York late Tuesday at 882.60 U.S. dollars / oz.
Fundamentals are favorable factors:
1. Traders pointed out that investors and jewellers in their panic buying of gold, Southeast Asia and Hong Kong's gold in the supply shortages, this phenomenon in the history of gold encountered the peak a few days later when the first round of selling is particularly evident.
2. Dollar fell slightly today, with its gold-denominated in other currencies relative to a more affordable to investors, boosting demand for gold.
Fundamentals are bearish factors:
1. Turkish gold imports in March this year than in the previous month and were down 95 percent, to 675 kilograms, a record low, the reasons for that gold hit record highs, while jewellery exports are likely to be hit.
2. Traders said that investors in India are still cautious, waiting in the upcoming April-May marriage before the influx of the more low-priced.
Technical pattern analysis:
K-Line on the map, spot gold closed at today under the shadow put on the line in Yangxian. Asian sessions, spot gold fell to undertake Tuesday of a trend to continue slightly lowered, hit 879.10 U.S. dollars / ounce after a low of days of technical rebound in demand for the support and a slight rebound in the European time, spot gold continuation of pressure in early trading Slowly rising trend, after the dollar's rally triggered profit-taking investors under the influence-taking earlier or New York time, spot gold by investors buying the dips and promote higher, after hit 902.80 U.S. dollars / oz days of high . Technical level, spot gold closed today in the 100-day moving average side, longs to provide some confidence; RSI indicators have Guaitou uplink, the indicators were also up a Jincha, showed that investors still rebound kinetic energy.
K-Line, Gold Up to now bring to a long line under the shadow of Yinxian
Expectation:
Western Pacific Bank (Westpac) currency strategist Robert Rennie said, spot gold in yesterday's retracement in the course of a few below the psychologically important level, the need to recover the gold 900 U.S. dollars / ounce mark, to return to 900-950 U.S. dollars / oz Interval. Rennie said that as the risk preferences emotional warming, reduced the fund's position in the commodity markets, the speculative bubble burst may lead to falling commodity prices 20 percent, but the commodity market trend is still up. He pointed out that the speculators are still very keen on investment in the commodity and the market has not been a lot of dollar short positions pushed up commodity prices if the spot gold is not possible to stand on 900 U.S. dollars / ounce mark, it is possible retracement to 800 Dollar / oz nearby, or down to 2006 since the mid-range 50 percent retracement of the 787 U.S. dollars / oz.
Lee Cheong Gold, head of trading said Ronald Leung, spot gold-week low of Sanya City, down the key points in the past seen at a record 850 U.S. dollars / ounce, spot gold is expected to be in the 850-920 dollar / oz wide range of shocks. Le ung pointed out that if gold can be held steady at 875 U.S. dollars / oz level, in the short term there will be a great chance to recover 900 U.S. dollars / ounce mark.
Thursday focus:
Eurozone retail sales in February, the United States last week, initial jobless claims, the U.S. March ISM non-manufacturing index.
Operation recommendations:
905 near the air, and 907 stop-loss goals 900/895/890
920 near the air, and 923 stop-loss, goals 915/910
Do more suggestions: near 900, 898 stops, 905 goals, 907 on the break to see 912/918
Midline approach: 905 near the air, breaking 908 on stop-loss, goals 895/883/873/855
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