Gold Futures Rise in Early Week
Trading commodity futures exchange on Monday (29/6), the price of gold and silver has traded higher as markets continue to focus attention to the developments in Greece.
Ongoing trade in the Asian session, gold futures for August delivery was trading higher by 1.00% recorded an increase in the level of $ 1.184.90 per troy ounce on the Comex division of the New York Mercantile Exchange. Gold price movements this morning seen moving touched a session low $ 1.181.40 to $ 1.187.30 level daily and daily highs for the session.
Meanwhile, silver futures for September delivery was trading higher with a gain of 0.86% recorded at the level of $ 15,903 per troy ounce, which is seen moving silver futures hit a session low $ 15,870 to $ 16,020 daily and the level of daily highs for the session.
The continuation of the developments taking place in the region of Greece will be the focus of the market this week, following the impasse between Greece by international lenders. On Sunday, the Financial Stability Board has recommended the stock exchanges and banks do not operate in Greece for a week.
Meanwhile, the Greek parliament has also approved measures proposed by Prime Minister Alexis Tsipras to conduct a national referendum on the bailout negotiations for the sake of determining the fate of the country on 5th July.
Technically, gold in today’s trading session on Monday (29/06) 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 1177.10 and re-test the maximum level of 1172.50. However, if the price of gold is able to break and hold above 1182.30, the estimated price of gold could potentially test the Resistance 1184.25 and 1189.10.
Hang Seng Early Week Still Depressed By World Oil Prices
Hang Seng Index Hong Kong shares traded Monday morning (29/6), reopened to continue trading weaker last week due to the collapse of world oil prices.
Shares of Industrial & Comercial Bank of China became the largest weighted stock market in early trading this morning, which opened uprooted 6:06%, followed by BOC Hong Kong Holdings shares -1.08%, shares of China Resources Enterprise -1.74%, shares of HSBC Holdings PLC -1.32%, and Hang Lung Properties shares amounted to -0.64%.
This morning the Hang Seng Index opened down 103.74 points, or 0:39% by becoming 26560.13 points from the previous closing position at 26663.87 points and reached the highest position traded the previous weekend at 27016.09 and the lowest point at 26522.45 points previously.
Likewise, the movement of the Hang Seng Index futures this morning which opened down 43 points or 0:16% to become 26 601 points from the previous week’s closing position at 26 644 points and managed to obtain a highest position on previous week at 27 043 points and the previous low at 26 420 points.
Based on the closing of trading on the previous weekend, the analyst estimated that pergeakan Hang Seng index today will penetrate the first support at 26 560 points with MA5 under BB10 H4, if the movement of the index broke through the first support then it will try to penetrate the next support at 26,400 points with MA5 BB10 bottom H4.
If the movement of the index managed to reverse direction to strengthen, it is predicted that the movement of the index will try to penetrate the first resistance at 26 880 points by the middle MA5 BB10 H4, if the movement of the index broke through the first resistance it will try to penetrate the resistance at 27 050 points by the middle MA5 BB10 H4.
Technically, the index on the trading session today, Monday (29/06) 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, signalling upside.
It is estimated, the index test the first resistance level of 26 290 and 26 233 26350. If it fails in, then the next index is expected to tend to retest the support level of 26200 and continued until the possibilities are in the 26150 area.
Greece Sink Euro to Lowest Level
The optimism that had appeared to be agreement between Greece and its creditors at the beginning of last week could be said to have been exhausted. Greece’s creditors rejected the proposal back for one month extension of the bailout on Saturday. “No deal” makes the euro sank to its lowest level in a month against the dollar earlier this week. EURUSD traded down the range of 1.1021 or 1.27% at 07:56 pm, with daily lows and highs 1.0952 1.1031.
Greece will experience tomorrow’s default on June 30, and the withdrawal of money massively or rush last week, is expected to continue this week. But the European Central Bank emergency stop lending to banks in Greece, which is exacerbating the crisis in the country. Commercial banks in Greece reportedly closed on Monday following the decision.
While the Greek parliament has approved a government proposal to hold a referendum Athens on 5th July next in order to determine whether to accept the terms of the proposed savings to re-acquire bailouts. The risk of a Greek exit from the euro zone is now increasing as a result of failure to reach agreement with its creditors.
Technically, today’s trading session on Monday (29/06), 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 1.1060 and maximum 1.1120. Meanwhile, if the Euro unable to break below 1.1011 and then survive another alternative scenario will be Euro likely to test support in 1.1000 area and 1.0940.
