Housing Regulation Easing Give Positive Sentiment Hang Seng
Hang Seng extended gains on Monday, after China loosened regulation of the housing sector.
Based on the statement of People’s Bank of China on its website, advances for the purchase of second homes was lowered to 40% from 60%. While the Ministry of Finance of China, said separately that individuals who sell the property which has been owned for at least two years free of sales tax. Previous Pajal sales exemption granted after individual property bo at least five years.
The property sector rose two consecutive days after the announcement. The main index Hang Seng rose 0.50% to 24979.29. While the Hang Seng Futures traded the range of 25 011 pda at 10:10 pm, with daily lows and highs 24 932 25049 (Monex Trader platform)
Hang Seng rose on Monday after China released more details of the plan “Silk Road” modern to increase trade with the countries of Eurasia and Africa.
Technically, the index on the trading session today, Tuesday (31/03) 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 24 925 and 24 983 24810. If you fail, then the next index is expected to tend to retest the resistance level of 25050 and continued until the possibility of being in the 25100 area.
Pound Exchange Still Sluggish
The British pound this morning (03:12:46 GMT, Tuesday, March 31, 2015) is generally observed to weaken against other major currencies, the US dollar. Opened at 1.4800 in early trade (0000 GMT), the currency has fallen by around -9. pips or about -0.06% and the value of rolling seem to be in the range of 1.4791.
Office for National Statistics is scheduled to announce the most recent data on the performance of the macro economics in the UK. Some economists suspect that the report will be published to show progress are not encouraging.
Indicators of economic fundamentals Final GDP q / q expected to show signaled stagnant and can be estimated figures show 0.5% same as the previous period of 0.5%. The pound was observed to move a bit sluggish to respond to these developments early.
Analysts suggested daily forex fundamental analysis Pound sterling that the normal range of movement in the GBPUSD is estimated to have the support level at 1.4734 and resistance level at 1.4883.
Technically, the trading session today, Tuesday (31/03), pound sterling-dollar pair a chance to move in the negative trend.
The weakening of the pound sterling primarily expected soon reexamine the minimum support at 1.4725 and 1.4675 maximum. Meanwhile, if the pound sterling was able to break and hold above 1.4785, then the other alternative scenario that Pound chance to test resistance in 1.4810 and 1.4880 area.
Gold Price Ends Red
Gold prices ended the trade early this morning with back posted a decline for two consecutive sessions (31/3). The increase in the dollar due to increased prospects for the Fed will raise interest rates started this year resulted in the price of gold is commonly used as a means of hedging against a weakening dollar lower.
In his speech last Friday Fed Governor Janet Yellen said that the increase in the Fed’s benchmark rate is bound to happen this year saw a sustainable recovery in the US economy.
Gold does not yield experiencing a surge of interest in the midst of the benchmark interest rate low and accommodative monetary policy set by the central bank. Currently gold prices weakened due to the approach of the regime of low interest rates in the United States. The increase in the benchmark interest rate has been maintained at the lowest levels recorded since 2008 and has the potential to suppress the price of gold which is a safe haven instruments.
Signal that the rally that occurred previously been shown to decline in excessive holdings in the SPDR Gold Trust, institution-based mutual fund provider in the world’s biggest gold. Physical gold demand in Asia also have started to decrease last week.
Spot gold prices in late trading Tuesday morning closed at 1185 dollars per troy ounce. The precious metal prices posted a decline of 1.1 percent. In yesterday’s trading price touched the lowest daily level at the position of 1182.90 dollars per troy ounce.
While the price of gold futures for June contract which is the most active contracts also decreased. The price of gold futures fell 15.40 dollars to the position of 1185.30 dollars per troy ounce.
Analyst estimates that the spot gold price movements today LLG will again decreased although it will tend to be limited. Precious metals price movements have the potential to weaken as market participants began to enter the phase of profit-taking after solid gains last week.
In today’s trading in gold prices could potentially test the resistance level at position 1194 dollars per troy ounce. If successfully penetrated the price will continue to rise again to the position in 1200 dollars. Meanwhile, if there is movement which turned lower price will test the support level at the position in 1176 dollars. If successfully penetrated the price will continue weakening to the position in 1170 dollars.
Technically, gold in today’s trading session on Tuesday (31/03) 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 1177.60 and re-test the maximum level of 1172.73. However, if the price of gold is able to break and hold above 1182.00, the estimated price of gold could potentially test the 1184.40 and 1188.72 resistance.
