Price of Gold and Silver Try Rise
Trading commodity futures exchange on Thursday (23/7), the price of gold and silver was observed traded higher by moving in the positive zone this morning, having closed lower in the previous session.
Ongoing trade in the Asian session, gold futures for August delivery has traded 0:20% higher at $ 1.093.70 per troy ounce on the Comex division of the New York Mercantile Exchange. On this morning, the price of gold appears to have moved touched a session low 1.092.50 to $ 1.094.20 level daily and daily highs for the session.
Gold prices seen trying to get up this morning after declining in the previous session when the recovery of the US housing market. Based on the official report released by the National Association of Realtors said that US existing home sales has risen, seasonally adjusted be 5:49 million units in June from 5:32 million units in May.
Meanwhile, the lack of economic reports on trading this morning is not expected to give large movements for gold prices. Nevertheless, the presence of US unemployment claims report schedule tonight it would reexamine the movement of the price of gold and silver.
Technically, gold on the trading session today, Thursday (7/23) 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 1103.80 and re-test the maximum level of 1108.25. But if the gold price could not break and survive below 1098.50 then predicted gold prices could potentially test the Support 1095.10 and 1090.50.
USDJPY Gains
The movement of the currency market on Thursday (23/7), the US dollar strengthened against the yen observed with continued gains from the previous session as the greenback increased demand due to the US housing market recovery.
Ongoing trade in the Asian session, the USDJPY rose 12:06% to 124.05 where the pair is observed to move hit a daily low of 123.93 for the session and 124.05 level to the highest sessions daily.
Demand for natural strengthening of the US dollar against the yen seen since the previous session, when the American housing market increased in June. Based on the official report released by the National Association of Realtors said that US existing home sales has risen, seasonally adjusted 5.49 million units in June from 5.32 million units in May.
Meanwhile, the movement of the US dollar will be back in the test this morning when the market will be faced with a Japanese trade balance report at 6:50 pm Jakarta time. Survey of economists had forecast that Japan’s trade deficit would widen to -0.25T.
In line with these estimates, the US dollar has an opportunity continue strengthening against the yen. On the contrary, if the results are unexpected market then potentially weakened the US dollar against the yen.
Technically, today’s trading session on Thursday (07/23), the dollar yen pair has an opportunity to move in a positive trend.
A stronger yen is mainly expected to immediately retest the resistance at 124.80 minimum and maximum 125.50. Meanwhile, if the Yen could not break below 124.06 and then survive another alternative scenario will be the Yen likely to test support in 123.80 and 123.25 area.
Kospi Opened Positive
Early in the South Korean stock market trading on Thursday morning (23/7), the Kospi is still able to be opened in positive territory despite the negative sentiment in the country. Strengthening this index occurred bargain hunting blue-tier stocks that had depressed the previous trading strong.
This morning the Bank of Korea (BOK) announced South Korean GDP data in Q2 2015 which showed a significant reduction in becoming 0.3%, from 0.8% the previous release first dikuatal. Likewise, if calculated on an annual basis, GDP turn to the position of 2.2% from 2.5% the previous release.
The negative sentiment helped topple Samsung Securities shares amounted to -0.75%, -1.29% stock Daewwo Securities, LG Chem shares -2.19%, -0.25% electronocs Samsung shares, and stock KEPCO Plant Service & Engineering 3%. But the stock exchange this morning reinforced Aisana Airlines 0.91%, shares of Korean Air Lines 1:33%, shares of Hyundai Motor 1.91%, as well as KIA Motors shares by 0:36%.
The Kospi index opened this morning still positive at 3:36 or 0:16% points, to be 2068.08 points from the previous closing position traded at 2064.73 points and achieved the highest position previously traded at 2075.94 and the lowest point at 2059.45 points earlier ,
Likewise, the movement in the Kospi index futures this morning, which also opened higher by 0:34%, to be 12:14%, to be 248.22 points from the previous closing position traded at 247.88 points and reached the highest position previously traded at 249.42 points and the previous low at 247.04 points.
Based on the results of the closing of trading on the stock exchange before, then Analyst estimates that today’s Kospi index movement will try to redeem the first support at 246.65 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 245.30 points with MA5 under BB10 daily.
If the movement of the index managed to turn around the direction of rebound, it is estimated that the movement of the index will try to penetrate the first resistance at 248.40 points with MA5 on BB10 daily, if the movement of the index broke through the first resistance is expected to try to penetrate the resistance at 249.75 points with MA5 on BB10 daily.
Technically, the indexes on the trading session today, Thursday (23/07) 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 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 first support level 247.00 and 246.25. If it fails at 247.55, then the next index is expected to tend to retest the 247.80 resistance level and continued up to the possibility of being in the 248.50 area.
