Kospi Gains Move Up In Weekly Rise 1.1 Percent
The Kospi index closed up 12.11 points, or 0.62 percent, at 1,969.17 due to the decline in crude oil prices up stocks refiners and chemical companies, supported by strong foreign buying.
The local currency strengthened slightly against the US dollar. Weekly Kospi index rose 1.1 percent.
Stock perusahaam refiners rallied after crude oil prices fell after the Canadian energy producers continue operating after a forest fire subsided.
The local currency closed at 1,179.3 won against the greenback, up 1.1 won from the previous closing session.
On Monday it will release the data Business Confidence South Korea in May which is expected to rise.
Analyst estimates for the next trade will Kospi index rose limited if positive economic data. However, it should be observed pergarakan Wall Street and crude oil prices that may affect the movement of the stock market.
Technically,
Resistance: 242.50 242.90 243.50 High / Low: 242.25 / 241.90
Support: 240.60 241.00 241.50 Closed Price: 241.90
Comment: For intraday trade today suggest Sell 242.70; stop and reversal during a break above the 242.95; level targets at the level of 241.00 and target of reversal at the level of 243.80.
Yen Continuing Strengthening Against Dollars
The US Dollar experienced observed a strengthening of the yen after the greenback rebounded demand due to the stable economic growth in America.
At the opening of Asian trading, the USDJPY rose 00:41 monitored% with traded at 110.82 where the pair has been moving touched a low of 110.37 and a high level at 110.85.
The US Dollar is still trying to continue the gains earlier this week, after successfully posted gains last week. The strengthening supported by the economic recovery that occurred in the Americas region.
This morning an official report released by METI said that Japanese retail sales decreased by 0.8% in April after a natural decline of 1.0% in March.
Technically,
Resistance: 111.00 111.40 111.90 High / Low: 110.86 / 110.65
Support: 109.50 110.00 110.50 Running Price: 110.76
Comment: For intraday trade today suggest Buy at the level of 110.00; stop loss at the level of 109.75; the target at the level of 111.60.
Post Yellen Speech Gold Prices Tumbled 3.5%
Gold prices ended down 1 percent to a three-month low after US Federal Reserve chairman Janet Yellen stated the US central bank could raise interest rates in coming months if the economy continues to improve.
Janet Yellen stated that the rise in US interest rates is “possible” in line in the coming months if US economic data increased.
According to Yellen “It’s appropriate and I’ve said in the past, I think for the Fed gradually and carefully increase the interest rate from time to time and maybe in the coming months, these measures would be appropriate,”
Fed Governor Jerome Powell said he felt the economy was on a “firm footing” and within reach of the Fed’s inflation goal.
According to analysts predict gold prices has the potential to continue its decline with sentiment Yellen statements which reinforce US rate hike in June.
Technically,
Resistance: 1209.10 1211.60 1214.10 High / Low: 1207.90 / 1205.70
Support: 1205.70 1202.00 1200.20 Running Price: 1207.20
Comment: For intraday trade today suggest Buy 1203.50; stop loss at the level of 1201.00; the target at the level of 1213.50.
