Hang Seng Still Disappointing
The movement of the Hong Kong stock exchange on Friday, the Hang Seng index closed with the continued weakening traded before and reached its lowest in six weeks by market disappointment against Hongkong trade balance data.
Still poor trade balance report Hongkong in April that deficit to -39.2B from the previous release on -46.21B, and they are beyond the expectations of economists who expect it to be -38.8B, seemed still be ballast trading today as shares of China Overseas Land & Investment slumped 2:43%, China Unicorn Hong Kong stocks plunge 2:23%, Hang Lung Properties shares slipped 2:57%, shares of Ping An Insurance slumped 1.63%, and China shares fall 2:30 Sand%.
The movement of Hang Seng index today closed flat or a similar position at the previous closing at 27454.31 points and reached the highest position today at 27604.27 and the lowest point at 27255.89 points.
Slightly different from the movement of the Hang Seng Index futures on this day that still managed to close slightly higher by 32 points or 0:11% which is 27 163 points from the previous closing position at 27 131 points and reached the highest position traded today at 27 316 points and the lowest was 26 950 points.
Hang Seng traded fundamentally Monday looks will also respond to the release of Chinese manufacturing data which will be released by the government sera HSBC.
Technically, the index on the trading session today, Monday (01/06) 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, signaling upside.
It is estimated, the index test the first resistance level of 27 225 and 27 161 27300. If it fails in, then the next index is expected to tend to retest the support level of 27130 and continued until the possibilities are in the area of 27 080.
Pound Move Back Down
Sterling in trading last week showed a trend observed generally weakened against the US Dollar. Trading currency pair GBP / USD is once opened in the range of 1.5462 in early trading week has fallen by around -175 pips or about -1.13% and closed at around 1.5287.
Analysts suggested that the weakening of the currency Sterling last week related to the report of GfK NOP to the public that the performance of the consumer sector in the UK unexpectedly declined.
The development is shown by the weakening in economic fundamentals indicators GfK Consumer Confidence that fell to number 1 on the value of the previous period is 4. The decline showed lower performance than the estimated number of economists, who had expected to be able to show the number 4.
In trading this week, the normal range of GBP / USD weekly estimated to have the support level at 1.5179 and then at 1.5071, and the resistance level at 1.5451 and then at 1.5614.
The movement of the currency pair is expected to be influenced by some economic data releases that include: Official Bank Rate and Asset Purchase Facility.
Technically, the trading session today, Monday (01/06), pound sterling-dollar pair has an opportunity to move in a negative trend.
The weakening of the pound sterling mainly expected soon reexamine the minimum Support at 1.5225 and maximum 1.5150. Meanwhile, if the Pound able to break and hold above 1.5271, then the other alternative scenario that is likely to test resistance Pound in 1.5300 and 1.5350 area.
Weakening Dollar and Greece Uncertainty Profitable Gold
Gold moved up from the lowest level in 2-1 / 2 week low on Friday, boosted by a weaker US dollar and the uncertainty of the Greek debt discussions. But the US interest rate expectations are still limiting the increase and maintain the price of gold in the path of the 2nd weekly decline in a row. The prospect of interest rates higher will dim the appeal of non-yielding assets such as bullion.
The greenback weakened on Friday after GDP data showed the US economy contracted in the first quarter. While the Greek debt talks are still present throughout the week mixed signal, as the Athens face the risk of default in the next few weeks.
In Asia, which is the main physical gold market, demand is still relatively weak in the last week of May with a premium in the major trading centers fail to note the increase in the price decline.
Technically, gold in today’s trading session on Monday (01/06) 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 1185.25 and re-test the maximum level of 1180.50. However, if the price of gold is able to break and hold above 1190.50, the estimated price of gold could potentially test the Resistance 1192.80 and 1197.10.
