Kospi Weakens on Tuesday Morning
Opening the South Korean stock market trading Tuesday morning (3/2), the Kospi index continued weakening of the trade before her. Her weakened today’s Kospi index caused by motor vehicle stocks weakened compact cover gains in the blue layer.
Stocks weakened motor vehicles such as Hyundai Motor shares fell 0.4%, down 0.4% Posco and Kepco shares fell 1.8%. Sell shares to cover the power of the motor is blue-tier stocks in early trading as Samsung Electronics rose 0.2%, KB Financial Group rose 1.8%, LG Chem rose 2%, and SK Innovation rose 1.3%.
The movement in the Spot Kospi index rose limited in this morning 7:43 or 0:38% point being 1960.11 points from before its closing position at 1952.68 points with the highest achievement at 1960.11 points and the lowest target at 1942.20 points.
The movement in the Kospi index futures this morning weakened 0:55 or 0:21 points% to 250.70 points from its closing position prior to 251.25 points with the highest achievement at 251.90 points and the lowest target at 250.00 points.
Based on the close of trading yesterday, then according to analyst estimates that the movement will move today’s trading in negative territory with the support level at 249.40 points and 248.90 points and the resistance level at 249.90 points and 250.75 points.
Technically, the index on the trading session today, Tuesday (03/02) 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 tends to rise, early indications bullish index. In addition, RSI, the M15 chart, are oversold, signaling upside.
It is estimated, the index test the first support level that is 248.10 and 246.80. If it fails at 250.80, then the next index is expected to tend to retest the resistance level of 251.50 and continued until the possibilities are in the 252.90 area.
Pound Exchange Rate Moving Down
The movement of the British pound in forex trading today (02:34:57 GMT, Tuesday, February 3, 2015) observed indicates the downward movement. The currency opened in the range of 176.67 in early trading (0000 GMT) and then down around -35 pips or about -0.20% and the value of rolling observed in the range 176.31.
The economic calendar shows that the economic and business research institute Markit, is scheduled to announce to the public, the latest data on the construction sector in the UK. Some economists suspect that the report will be published to show progress are not encouraging.
Construction PMI indicator is expected to show a negative indication and is expected to go down to number 56.9 of the previous period of 57.6. The British pound was observed to move down early responding to these developments.
Analysts suggested daily forex fundamental analysis Pound sterling that the normal range of movement in the GBPJPY is estimated to have the support level at 175.94 and resistance level at 177.55.
Technically, today’s trading session on Tuesday (03/02), pound sterling-dollar pair likely to move in a positive trend.
The strengthening of the pound sterling primarily expected soon reexamine the minimum resistance at 1.5080 and 1.5140 maximum. Meanwhile, if the Pound was unable to break and stays below 1.5039 then another alternative scenario that Pound chance to test support in 1.5000 and 1.4940 area.
Gold Maintain Weakens In Central US Interest Rate Outlook
Gold maintain weaken on Tuesday as investors weigh the prospects for higher US interest rates amid signs that the global slowdown will probably hurt a country with the world’s largest economy.
Gold this morning traded in the range of $ 1,274.50 / onz at 9:22 pm from yesterday at $ 1,274.41, when prices fell by 0.7%. Precious metals yesterday reduce a decrease of 1.4% after a report showed US factory output slowed, while the index that measures the price movement for 100 days rose to 18.5, it is the highest level since February 2014, according to data compiled by Bloomberg.
Gold has risen by 7.5% this year, the rally of weakening for two years, as the slowdown triggered by the Asian and European central banks that disburse larger stimulus. It has been increasing speculation that the Fed might refrain from raising interest rates. At the time of data yesterday showed US manufacturing expanded last month at the weakest pace this year, the data on this week will probably show the employers will continue to add workers in January.
“Volatility in gold has increased with US economic data was weaker than expected once again been increasing questions about the pace of interest rate hikes,” said Mark To, head analyst at Wing Fung Financial Group in Hong Kong. “We still believe that gold is in a downward trend. Investors will closely monitor the working of the data.”
Technically, gold in today’s trading session on Tuesday (03/02) 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 Bands that began to widen, thus giving impetus to the gold to the upside.
It is estimated that the gold price immediately prior to test support in the area of at least 1270.33 and re-test the maximum level of 1265.73. However, if the price of gold is able to break and hold above 1273.70, the estimated price of gold could potentially test the 1275.40 and 1280.72 resistance.
