China Property Market Stable, Hang Seng Stronger
Stock Exchange of Hong Kong, the Hang Seng, rose slightly in early trading today after data showed China’s property market stabilizes.
Hara home in China (year-on-year) fell in 69 cities of the 70 cities surveyed showed a decrease in the consecutive five months to January, but on a monthly basis house prices fell in 64 cities, compared to a decline in December that occurred in 66 cities, give the signal house prices are likely to be stable.
Greece is still the focus in today’s trading after the Eurogroup meeting on Monday rejected a proposal Greek bailout program extension for six months by other eruo zone countries. EU officials say the talks have ended except Greece willing to change his wishes.
The main Hang Seng Index rose today 12:37% to 24817.20. While the Hang Seng Futures traded in the range of 24 877 at 9:58 pm, with daily lows 24657 and highest 24890.
Technically, the index on the trading session today, Tuesday (17/02) likely to weaken, test negative trends, the impact of Wall Street. At the M15 chart bearish engulfing formation provides opportunities for the index to move downside. However, the volume tends to rise, early indications bullish index. In addition, RSI, the M15 chart, are oversold, signaling upside.
It is estimated, the index test the first support level that is 24800 and 24750. If it fails at 24 844, then the next index is expected to tend to retest the resistance level that is 24 870 and continued until the possibility of being in the 24930 area.
Japanese Out Of Recession, Yen Appreciated
Yen continued dominance of the US dollar for the 3rd day in a row amid speculation that the Bank of Japan will refrain from adding stimulus this week, following data showing the economy has managed to come out of the recession. Japan Cabinet Office on Monday said GDP grew at an annual pace of 2.2% in the last quarter of last year, the second consecutive quarterly contractions stop. While Economy Minister Akira Amari expressed optimism that the conditions of employment and income will continue to increase, which will encourage further economic growth.
“Emerging markets are assessing the outlook on the Japanese government may begin to question the need for additional easing,” said Kumiko Ishikawa, analysts Gaitame.com Research Institute Ltd. in Tokyo. “Fundamentally, Dollar-Yen should remain at around the 118 level for the moment.”
Technically, the trading session today, Tuesday (17/02), the dollar yen pair a chance to move in the negative trend.
The weakening of the yen mainly expected soon reexamine the minimum support at 118.00 and 117.90 maximum. Meanwhile, if the Yen was able to break and hold above 118.46, then the other alternative scenario that Yen chance to test resistance in 118.80 and 119.25 area.
Greek Talks Still Dead End, Gold Rally
Gold back riding in nearly six weeks after talks between Greece and its creditors on a bailout extension fails again, raising concerns that the country could run out of money and left Europe.
On the Comex in New York Mercantile Exchange, spot gold futures for April delivery traded at $ 1.233 per ounce, up 0.5 percent. Bullion for immediate delivery traded at $ 1,233.32 per ounce.
European finance ministers are trying to agree on a program of financial support to keep Greece when the program ends, but without a deal. Greece could run out of money at the end of March and forced the Prime Minister of Greece Alexis Tsipras considering promises or even leave the euro zone.
Done at Brussels on Monday local time with Yanis Varoufakis Greek Finance Minister said that the European Commission has offered a way forward that the Minister of Finance euro refuse renewal of foreign aid for six months. Led by Dutch Finance Minister Jeroen offer different statement binds Greece to the extension of an existing program.
In other metals trading, silver for immediate delivery rose 0.3 percent to $ 17.3218 an ounce. Palladium was up 0.1 percent at $ 789.32 per ounce, while platinum was little changed at $ 1,208.38 per ounce.
Technically, gold in today’s trading session on Tuesday (17/02) potentially bearish, tested negative trend back, but prone to reversal. RSI indicator tends to re-test support channel and towards the oversold area, but Bollinger Bands that began to widen, thus giving impetus to the gold to the upside.
It is estimated that the gold price immediately prior to test support in the area of at least 1223.33 and re-test the maximum level of 1218.73. However, if the price of gold is able to break and hold above 1228.10, the estimated price of gold could potentially test the 1230.40 and 1235.72 resistance.
