Kospi Index Opened Positive
In early trading South Korean stock exchange on Friday (11/12), opened Kospi index rose 6.10 points, or 0.31 percent, in 1958. Strengthening exchanges South Korea supported the positive performance shares which responds statement that the Bank of Korea Bank The central has a gun to the face of rising US interest rates next week.
Governor Lee Ju-Yeol said that if the Fed to raise interest rates next week, then South Korea has weapons that deal with South Korea’s foreign exchange reserves and a large current account surplus that will protect the economy from direct shocks.
Meanwhile in stock trading, observed blue chip stocks traded mixed. Shares in Samsung Electronics rose 0.78 percent and Posco shares rose 0.3 percent. Meanwhile, shares of Hyundai Motor and KB Financial Group each fell down 0.33 percent and 0.43 percent.
While the Korean Won currency traded lower against the dollar in 1177.
Data releases this morning’s economic indicators recorded negative.
Export Prices (YoY) in November, record the results of -8.6%, down from the previous decline at -6.2%.
Import Prices (YoY) in November, to record the results -15.6%, down from the previous decline at -14.8%.
As for the futures Kospi index was observed up 0.25 points or 0.10% at 238.60 positions, up from its previous close at 238.35.
The next day there is no longer economic indicator data were released.
Technically, the index on the trading session today, Friday (11/12) 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 increase, an early indication of bullish index. In addition, RSI, the M15 chart, was oversold, signaling upside.
It is estimated, the index test the first support level 237.00 and 236.25. If it fails at 237.70, then the next index is expected to tend to retest the 238.00 resistance level and continued up to the possibility of being in the 238.60 area.
Dollar Gains As Euro Losing Power
Dollar stable movement in the early Friday, get some support after a recent surge in the euro lost momentum behind dovish comments from policy makers, while profit-taking reduces gains big in the Australian dollar that is printed as a report solid work at home ,
The euro was little changed at $ 1.0940 after falling around 0.7% overnight. The euro briefly back to the highest level in a month at $ 1,044 reached in the middle of the week after ECB governing council member Erkki Liikanen said on Thursday that the bank is ready to undertake further monetary easing if necessary.
The rebound on Wall Street overnight, the end weakening during the last 3 days, also slightly improve risk appetite and support a rise in US bond yields were in line with the dollar.
Technically, the trading session today, Friday (11/12), the pair Euro-dollar likely to move in a negative trend.
The weakening of the Euro mainly expected soon reexamine the minimum support at 1.0870 and maximum 1.0800. Meanwhile, if the Euro is able to break and hold above 1.0933, then another alternative scenario the Euro a chance to test the resistance at 1.0950 and 1.1000 area.
Gold and Silver Prices Observed Down
Trading commodity futures exchange on Friday (11/12), the price of gold and silver was observed traded lower when the market seen waiting in anticipation of the results of the Fed’s policy meeting next week.
Ongoing trade in the Asian session, gold futures for February delivery declined by 12:58% at $ 1.065.80 per troy ounce on the Comex division of the US. Meanwhile, silver futures for March delivery fell by 0:39% observed at the level of $ 14,040 per troy ounce.
The price of gold and silver was observed to naturally decline this morning when the market looks restraint in an attempt to anticipate the results of the Fed’s policy meeting next week. This happened because the Fed is expected to raise interest rates.
In the previous session weaker gold prices was limited due to an increase in the number of jobless claims in the Americas region. In an official report released by the Labor Department said that jobless claims rose to a seasonally adjusted 282K.
Meanwhile, the lack of fundamental economic report on today’s Asian trading market movements tend to be a little quieter. But entering the European trading, the market is expected to return churned as the release of the inflation report in the US territory.
Technically, gold in today’s trading session on Friday (11/12) 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 1060.33 and re-test the maximum level of 1055.73. However, if the price of gold is able to break and hold above 1066.70, the predicted gold prices could potentially test Resistance ie, 1069.40 and 1074.72.
