Review:
Yesterday gold price opened at 646, day high at 650.6, day low at 642.6 closed at 645.7. However, the gold price rose up to 654 at 8am this rmorning. This is caused by the shortage of oil supply and jewelers tend to buy gold when wide price fluctuations subside, also returning to the market. Uncertain gold supply also the premium to support the gold price.
Technical:
Daily Chart
On the daily chart the support is on 642.02. 10 SMA is above 50 SMA, 100 SMA, and 200 SMA it is showing the bullsih side still persist.
RSI is on 45.41and this is slightly lower than 50, Stochastic and MACD is showing opposite direction and note that stochastic is a prediction indicator and MACD would response slower.
Hourly Chart
On the hourly chart the support is on 642.02 and the resistance is on 656.04, RSI is 68.5 and stochastic and MACD is tend to drop, SMA 10 is above SMA20 and SMA 50. The price would expect have a bounce back up near 650.
Market data and News:
Prior Consensus
Inital Jobless Claims (Mar 3) 338K 333K
Continuing Claims 2640K
The oil price can be project move within a range 57 - 65 as the risk and premium of oil supply, I would expect the oil price is on a strong purchasing bias and would give a great support for gold price. From the USD daily chart is showing the USD is going on down slowly, and the price has bounce back whenever it reach the resistance. The technical chart are greatly reflecting the US economy and it started recesssion.
Carry trade is the issue people most interest today. The risen of JPY causes world stock market slump and investors withdraw money out from the gold market previously when the gold reach 689. The spot price is on 652.3/2.8. The price bounce back from 632 and jewellers purchasing gold and we can see some investor tend to sell JPY and buy gold because gold has strong correlation between equities. The gold have been strengthening after big fall last week.
The nuclear matter in North Korea and Iran would persist and gives a premium for speculation investment on gold price. In the aspect of speculative side, investors would be very caution on the movement of carry trade and money withdraw from stock market and currency market would desposit into gold because gold has the most strong resist when the world market drop. In general, gold is the product hegde against econmic recession.
Strategy:
Long Position: 650, 642
Stop Loss: 648, 639
Short Position: 653, 658
Stop Loss: 656, 661
Yesterday gold price opened at 646, day high at 650.6, day low at 642.6 closed at 645.7. However, the gold price rose up to 654 at 8am this rmorning. This is caused by the shortage of oil supply and jewelers tend to buy gold when wide price fluctuations subside, also returning to the market. Uncertain gold supply also the premium to support the gold price.
Technical:
Daily Chart
On the daily chart the support is on 642.02. 10 SMA is above 50 SMA, 100 SMA, and 200 SMA it is showing the bullsih side still persist.
RSI is on 45.41and this is slightly lower than 50, Stochastic and MACD is showing opposite direction and note that stochastic is a prediction indicator and MACD would response slower.
Hourly Chart
On the hourly chart the support is on 642.02 and the resistance is on 656.04, RSI is 68.5 and stochastic and MACD is tend to drop, SMA 10 is above SMA20 and SMA 50. The price would expect have a bounce back up near 650.
Market data and News:
Prior Consensus
Inital Jobless Claims (Mar 3) 338K 333K
Continuing Claims 2640K
The oil price can be project move within a range 57 - 65 as the risk and premium of oil supply, I would expect the oil price is on a strong purchasing bias and would give a great support for gold price. From the USD daily chart is showing the USD is going on down slowly, and the price has bounce back whenever it reach the resistance. The technical chart are greatly reflecting the US economy and it started recesssion.
Carry trade is the issue people most interest today. The risen of JPY causes world stock market slump and investors withdraw money out from the gold market previously when the gold reach 689. The spot price is on 652.3/2.8. The price bounce back from 632 and jewellers purchasing gold and we can see some investor tend to sell JPY and buy gold because gold has strong correlation between equities. The gold have been strengthening after big fall last week.
The nuclear matter in North Korea and Iran would persist and gives a premium for speculation investment on gold price. In the aspect of speculative side, investors would be very caution on the movement of carry trade and money withdraw from stock market and currency market would desposit into gold because gold has the most strong resist when the world market drop. In general, gold is the product hegde against econmic recession.
Strategy:
Long Position: 650, 642
Stop Loss: 648, 639
Short Position: 653, 658
Stop Loss: 656, 661
由 Eric Lo 發佈 在
9:39 上午
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