Gold Prices Rise
Trading commodity futures exchange on Monday (27/7), the price of gold and silver was observed traded higher after gold futures recorded a weekly decline close to the low level of 5 ½ years.
Ongoing trade in the Asian session, gold futures for December delivery was trading higher by recording an increase of 0.94% at $ 1.096.20 per troy ounce on the Comex division of the New York Mercantile Exchange. Since this morning, the price of gold has been observed to move touched a session low $ 1.095.10 to $ 1.100.70 level daily and daily highs for the session.
Meanwhile, silver futures for September delivery was trading higher by noting 1:15% increase in the level of $ 14,655 per troy ounce. On this morning the price of silver was observed to move touched a session low $ 14,600 to $ 14,670 daily and the level of daily highs for the session.
Gold prices trying to rise from the slump after posting a weekly decline of 4.1% to stand near a 5 ½-year low. Decline experienced by the price of gold has been fueled by strong speculation that has been the approach of the rise in interest rates which will be conducted by the Fed.
Meanwhile, on Friday, an official report released by Markit said that the US Manufacturing PMI rose, seasonally adjusted 53.8 in July from 53.6 in June.
A separate report released by the Census Bureau said that new home sales decline, the seasonally adjusted 482K in June from 517K in May.
Technically, gold on the trading session today, Monday (27/07) the potential reversal, testing positive trend, but prone to profit taking. RSI indicator tends to re-test resistance and aiming the bullish channel, but Bollinger Bands began to shrink, thus giving impetus for gold to the downside.
It is estimated that the gold price immediately prior to test resistance in the area of at least 1103.50 and re-test the maximum level of 1108.10. But if the gold price could not break and survive below 1097.70 then predicted gold prices could potentially test the Support 1095.25 and 1090.50.
Kospi Opened Hit By Stock Excellent
Early in the South Korean stock market trading Monday morning (27/7), the Kospi index opened lower and looked down to the lowest level since January. Due to the drop in the index is still ongoing pressure on blue chip stocks. Shares burdensome by Daewoo Securities shares of -1.95%, -1.91% shares of Samsung Securities, Hyundai Securities -2.27%, Korea Petro Chemical shares of -0.53%, the stock KEPCO Plant Service & Engineering -0.40%, stock KIA MOTORS -0.45 %, and shares of Hyundai Motor 0:55%.
See the movement of Kospi index this morning, opened fallen sharply observed at 10:53 points or 0:51% to 2035.43 points from the previous closing position traded at 2045.96 points and achieved the highest position traded the previous weekend at 2060.66 points and the lowest previous 2040.30 points.
Similarly, the movement of the index berjangkanya this morning opened the heavy pressure of 1:16 or 0:47% points, to be 243.75 points from the closing position traded the previous weekend at 244.91 points and reached the highest position traded the previous week at 246.67 points and the lowest at 244.38 points.
Based on the closing of trading on the previous weekend, the analyst estimated that today’s Kospi index movement tends to be weakened by trying to penetrate the first support at 243.50 points with MA5 under BB10 daily, if the movement of the index broke through the first support is expected to try to penetrate the second support at 242.05 points with MA5 under BB10 daily.
If the movement of the index managed to turn around the direction of rebound, it is expected to try to penetrate the first resistance at 245.70 points by the middle MA5 BB10 daily, if the movement of the index broke through the first resistance is expected to try to penetrate the resistance at 247.00 points by the middle MA5 BB10 daily.
Technically, the index on the trading session today, Monday (27/07) 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 of 244.80 and 245.50. If it fails at 244.25, then the next index is expected to tend to retest the support level 244.00 and continued until the possibilities are in the 243.40 area.
USDJPY Weakens on Monday Morning
The movement of the currency market on Monday (27/7), the US dollar has weakened against the yen after the release of Japanese economic reports this morning.
Ongoing trade in the Asian session, the USDJPY fell of 0.05% to trade at 123.73 where the pair is seen moving hit a daily low of 123.72 for the session and 123.85 levels to the highest sessions daily.
The US dollar looks under pressure this morning against the yen after the release of Japanese economic reports. Based on the official report released by the Bank of Japan, it stated that the service price index has risen 0.4% in June. Survey of economists had forecast that the index of prices of services in the territory of Japan to increase by 0.6% in June.
Meanwhile, on Friday the US dollar was monitored able to close higher against the yen after the release of US economic reports varied results. At an official report released by Markit said that the US Manufacturing PMI rose, seasonally adjusted 53.8 in July from 53.6 in June.
Nevertheless the strengthening of the US dollar is still limited due to slowing growth in the housing market in the Americas region. Based on the official report released by the Census Bureau said that new home sales decline, the seasonally adjusted 482K in June from 517K in May.
Technically, the trading session today, Monday (27/07), the dollar yen pair has an opportunity to move in a negative trend.
Weakening Yen mainly expected soon reexamine the minimum support at 123.00 and 122.50 maximum. Meanwhile, if the Yen were able to break and hold above 123.63, then another alternative scenario the Yen likely to test resistance in 123.90 and 124.50 area.
