Greek Turmoil Starred Gold Prices
The price of gold sustain its gains from a two-day rally on Tuesday, boosted by safe-haven demand ahead of the imminent default of Greece’s debt, raising questions over the future of Greece in the Euro zone and the increasingly weakening the global stock markets.
Pot of gold price was little changed at $ 1.179 this morning, after rising by 0.6% in the past two sessions.
Greece is due from default on a loan of 1.6 billion euros from the International Monetary Fund. Ratings agency Standard and Poor’s cut Greece’s debt rating one level to level to junk to CCC-, saying that 50% chance Greece will leave the Euro area.
Greeks support the rejection of the left-wing government to reject a difficult international bailout on Monday.
With a popular referendum on the bailout which is planned to be carried out on Sunday, Greek Prime Minister Alexis Tsipras put its position in its tracks, he said that he would respect the results of the vote but will not lead the government to manage the “saving for a long time.”
Failure in the negotiations has been pushing the EU and the euro zone into uncharted terrain. Athens stock exchange closed down as banks there, but other financial markets tumbled on fears that Greece could toward the exit Euro area.
Technically, gold in today’s trading session Tuesday (30/06) 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 1172.25 and re-test the maximum level of 1167.10. However, if the price of gold is able to break and hold above 1177.60, the estimated price of gold could potentially test the Resistance 1179.60 and 1181.25.
Bargain Hunting Coloring Japan Tokyo Stock
The Nikkei index at the Tokyo Stock Exchange trading Japan on Tuesday morning (30/6), with the Nikkei index managed to rise in earlier trading, by buying stocks that hit in earlier trade.
The movement of Nikkei index opened successfully raced this morning 69.87 points, or 0:35% by becoming 20179.82 points from its previous close at 20109.95 position to reach the highest position previously traded at 20185.23 points and the lowest at 20.174.61 points.
But unlike the movement of Nikkei index futures this morning, which is still open under pressure by 25 points, or a 0.12%, to be 20:15 points from the previous closing position at 20,160 points and reached the highest position previously traded at 20 395 points and 20 090 points.
Based on the previous closing, the analyst estimated that pergeakan Nikkei index today will try to reverse direction rose to penetrate the first resistance at 20 360 points by the middle MA5 BB10 daily, if the movement of the index broke through the first resistance then expected to try to penetrate the resistance at 20 475 points with MA5 on BB10 daily.
If the movement of the index managed to continue weakening traded previously, it is expected to try to penetrate the first support at 20 056 points by the middle MA5 BB10 daily, if the movement of the index broke through the first support it is forecast that the index movement will try to penetrate the second support at 19930 points with under BB10 daily MA5.
Technically, the index likely to weaken on the trading session today, Tuesday (30/06), 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 20070 and 20010. If it fails at 20125, then the next index is expected to tend to retest the resistance level 20150 and continued until the possibilities are in the 20200 area.
USDJPY Rise in Morning Session
The movement of the currency market on Tuesday (30/6), the US dollar observed a slight strengthening against the yen after closed lower in the previous session when the US housing market slowdown.
Ongoing trade in the Asian session, the USDJPY rose 0.03%, with at the level of 122.57. Since this morning, the pair was observed hitting a daily low of 122.51 for the session and 122.73 level to the highest sessions daily.
The US dollar looks try again to arrange a strengthening of the yen when demand for the greenback decrease due to slowing growth in the housing market in the Americas region. Based on the official report released by the National Association of Realtors said that sales of houses in the region has increased by 0.9% in May after gaining 2.7% in April. The report has immediately resulted in a decrease to the US dollar weakened against the yen to natural.
Meanwhile, market participants will soon be confronted with a series of Japanese economic reports covering an average of data -rata wages at 08.30 Jakarta time. Along these economic reports, if the middle shows the increase in Japan’s economic recovery, the US dollar may be returning to the continuing decline against the yen. But on the contrary if the constraints of Japan’s economic growth potential, the US dollar strengthened.
Technically, the trading session today, Tuesday (30/06), the dollar yen pair has an opportunity to move in a negative trend.
Weakening Yen mainly expected soon reexamine the minimum support at 121.50 and 120.60 maximum. Meanwhile, if the Yen were able to break and hold above 122.20, then another alternative scenario the Yen likely to test resistance in 122.80 and 123.50 area.
