Hang Seng Strengthened
Hong Kong’s Hang Seng Index opened higher in today’s trading ahead of the data release of some economic data from China mainland. Hang Seng on Tuesday trading down more than 1% following the decline in European markets and the United States due to sell bonds in the region.
China today will release industrial production data in April are expected to rise 6.1% from a year earlier, higher than the increase of 5.6% in March. Other data to be released that fixed asset investment and retail sales. On Tuesday, China’s Ministry of Commerce reported the entry of foreign investment amounted to $ 44 billion in the first four months of this year, up 11.1% from the same period the previous year.
Spot Hang Seng opened higher 0.2% to 27473.50. While the Hang Seng Futures traded the range of 27 386 at 8:55 pm, with daily highs and lows 27 433 27335
Technically, the index on the trading session today, Wednesday (13/05) likely to strengthen, test positive trend. At the M15 chart bullish hammer formation to provide opportunities for the index to move upside. However, the volume tends to increase, as well as an early indication of bullish index. In addition, RSI, on the M15 charts, is oversold, signaling upside.
It is estimated, the index test the first resistance level that is 27 370 and 27450. If it fails at 27320, then the next index is expected to tend to retest the support level of 27300 and continued until the possibilities are in the area of 27 210.
Euro Movements Tracked Down
Euro currency movements today (01:56:03 GMT, Wednesday, May 13, 2015) was observed to go down and the currency is monitored urged other major currencies (US Dollar) after opening at 1.12203 at the start of trading (0000 GMT) around -3 pips or about -0.03%. EURUSD rolling value was observed in the 1.1216.
The economic calendar shows that the German statistics office, Destatis is scheduled to announce to the public, the latest data regarding the macro-economic growth in the country. Some economists suspect that the report will be announced can show developments are not encouraging.
Indicators German Prelim GDP q / q expected to show signs of a less profitable and is expected to drop to 0.5% from the previous period is 0.7%. Euro currency was observed to move down early to respond to these developments.
Analysts suggested daily forex fundamental analysis Euro exchange rate that normal range on the Euro currency is estimated to have the support level at 1.1143 and the resistance level at 1.1288.
Technically, today’s trading session on Wednesday (13/05), the pair Euro-dollar likely to move in a positive trend.
The strengthening Euro is mainly expected to immediately re-examine the minimal resistance at 1.1280 and maximum 1.1330. Meanwhile, if the Euro unable to break below 1.1234 and then survive another alternative scenario that Euro likely to test support in 1.1200 area and 1.1150.
Gold Prices Continue to Decline
The price of gold in early trading on Wednesday (13/5) is still continuing on the decline. Along from the outflow of bullion trading in the stock which also weakened.
On the New York Mercantile Exchange Comex, gold for June delivery fell 9.30, or 0.79%, to $ 1,191.30 a troy ounce. The previous day, the yellow metal in the form of precious metal is in a position strengthened at the level of $ 1,193.30. The greenback also gained on strong US data encouraged. Although the Fed is still not sure when it’s time to raise the benchmark interest rate.
In Europe, the yield on German 10-year bond jumped more than 0.73%, while yields on 10-year French bonds rose nine basis points to 0.99% and is now up by 56 basis points over the last month. Bond prices in Italy and Spain continued to plunge, yields on 10-year acquire respectively 10 and 13 basis points to 1.86 and 1.87%.
Currently investors are looking for a place for a safe haven amid global pullback in dept market. In other trading venues Comex, silver for July delivery fell 0224 or 1:40% to 16 538 per ounce. Copper for July delivery rose 0.025 or 0.87% to 2,928 a pound.
Technically, gold in today’s trading session on Wednesday (13/05) 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 Band begins to widen, thus giving impetus for gold to the upside.
It is estimated that the gold price immediately prior to test support in the area of at least 1185.10 and re-test the maximum level of 1180.25. However, if the price of gold is able to break and hold above 1192.00, the estimated price of gold could potentially test the Resistance 1190.10 and 1185.25.
