Weekly

January 27th

Today's range

Gold had a bearish session near $1,950 as profit-taking drove prices lower. With the dollar index above 102 and gold testing $1,920 for the third straight day, this position has become more important. Today's recommended range is $1,927 to $1,942.

The Hong Kong stock market has opened red on the first trading day of the Year of the Rabbit after a three-day Lunar New Year holiday. The Hang Seng Index rose 522 points, or 2.37%, to close at 22,566, its highest level since March 2 last year. In North China, where the Chinese New Year holiday was still in progress, the daily turnover was still close to HK $120 billion, giving ample momentum for further gains.

Improving economic data from the euro zone and hopes that China's recovery will lead the overall recovery boosted sentiment, while strong U.S. data eased fears of an economic landing. All three major European markets rose, with Germany's DAX up 0.34 percent. France's CAC index in Paris rose 0.74 percent and Britain's FTSE 100 rose 0.21 percent.

The U.S. gross domestic product rose 2.9 percent from the previous quarter, slightly beating market expectations of 2.6 percent. The number of first-time jobless claims fell for three straight weeks to 186,000 last week, nearing a record low. A number of positive economic data eased fears of a U.S. recession. The Dow rose 0.61 percent, the S&P 500 rose 1.1 percent and the Nasdaq composite rose 1.76 percent.

Gold prices fell under pressure as the dollar strengthened. Gold had a bearish session near $1,950 as profit-taking drove prices lower. Coupled with better-than-expected economic data, the dollar index briefly broke through the 102 level, accelerating gold's decline to a low of $1,918.7 and a high of $1,949.3 before closing down $17.7 at $1,929.2.

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