Gold Steady Above Low Level
Gold steady move above the lowest level in 3 1/2 months on Friday, as US jobs data that pessimists had dampen expectations for a rate hike in September by the Federal Reserve and hurt the dollar.
Spot gold prices moving steady at $ 1,167 / onz at 9:10 pm. The precious metal fell to $ 1,156.85 on Friday, its weakest level since mid-March, but reduce some losses after US economic data.
For the week, gold is still down about 0.7%, is on track for a second weekly decline in a row.
Data on Thursday showed the number of non-farm payrolls increased by 223,000 in the last month, were below expectations. Payroll growth in April and May were also revised to decrease. At least 432,000 people out of the job market.
Before the data was released, there is a strong expectation in the market that the Fed will Raise interest rates for the first time in nearly a decade in September, given the strong data recently on consumer spending and housing. However, employment data that is weaker than expected led investors to reduce their conviction for a rate hike in September.
Gold, this has been under pressure this year of uncertainty over rising interest rates, reducing losses overnight after US jobs data and the US dollar index fell from the highest level in three weeks.
Technically, gold in today’s trading session on Friday (03/06) 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 1160.80 and re-test the maximum level of 1155.10. However, if the price of gold is able to break and hold above 1166.60, the estimated price of gold could potentially test the Resistance 1168.50 and 1173.10.
Nikkei Friday Morning Turning Depressed
Trade stocks Japanese cherry country on Friday morning (3/7) Nikkei index opened with a condition turned lower from the previous trading session and strengthening due to the strengthening of the Japanese yen turned in early trading this morning.
Strengthening of the Yen managed to push the stock Mitsubishi Chemical Holdings $ 1.41%, shares of Mitsui Mining & Smelting -0.93%, shares of Mitsubishi Electric Corp. -0.73%, -0.95% stake Panasonic, Sharp shares -0.61%, Kawasaki Heavy Industries shares -1.42%, Honda Motor shares amounted to -1.08%.
The Nikkei index opened lower this morning 24.82 points, or a 0.12%, by becoming 20497.68 points from the previous closing position at 20522.50 points and reached the highest position previously traded at 20601.73 and the lowest point at 20479.85 points previously.
But unlike the movement of Nikkei index futures this morning, which opened to the same position at the closing position previously traded at 20 460 points with the highest achievement earlier traded at 20,600 points and the lowest was 20 455 points.
Based on the closing traded before, then Vibiz Analyst Research Center estimates this morning the index movement will reverse direction to penetrate support first at 20 419 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 20,329 MA5 points with 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 20,500 points with MA5 under BB10 daily, if the movement of the index broke through the resistance then expected to try to penetrate the resistance at 20 578 points with MA5 under BB10 daily.
Technically, the index likely to weaken on the trading session today, Friday (03/07), 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 of which is likely to increase, early indications bullish index. In addition, RSI, on the M15 charts, is oversold, signaling upside.
It is estimated, the index test the level of support in advance ie 20400 and 20340. If it fails at 20450, then the next index is expected to tend to retest the resistance level 20480 and continued until the possibilities are in the 20530 area.
USDJPY Observed Flat
The movement of the currency market on Friday (3/7), the US dollar traded flat against the yen observed when slowing US labor market conditions has curbed demand for the greenback strengthened.
Ongoing trade in the Asian session, the USDJPY was observed flat with at the level of 123.08. On this morning, the pair was observed to move touched a daily low of 123.02 for the session and the highest level for the session Hariana 123.10.
The US Dollar is under pressure to look naturally weakened against the yen due to be affected by slowing growth in US labor market. Slowing growth has been marked by an official report from the Bureau of Labor Statistics which states that the US Non-Farm Payrolls have increased by 223,000 in June, after growing as much as 254,000 in May.
At the same time, an official report released by the US Department of Labor states that the number of jobless claims has risen, seasonally adjusted 281 000 of 271,000.
Meanwhile, despite poor growth and rising unemployment claims NFP is, but for the US unemployment rate they have experienced a decline, seasonally adjusted 5.3% in June from 5.5% in May.
Technically, the trading session today, Friday (03/07), the dollar yen pair has an opportunity to move in a negative trend.
Weakening Yen mainly expected soon reexamine the minimum support at 122.40 and 121.80 maximum. Meanwhile, if the Yen were able to break and hold above 123.02, then another alternative scenario the Yen likely to test resistance in 123.25 and 123.75 area.
