Gold Prices Looks Flat
Gold in early trading on Monday (10/8) morning looked flat. Amid poor Chinese trade data and rising US interest rates continue to be monitored by investors.
Division of the New York Mercantile Exchange, gold futures for August delivery was flat 12:28% to $ 1.092.00 troy ounce. Last week, copper also declined 2.3 cents, or 1.31%, down by 6 weeks in a row, driven from the rising concerns over the country’s economic health Chinese bamboo.
Government data released on Sunday showed that Chinese inflation for July rose 1.6%, above expectations for a 1.5% and a rise of 1.4% in June. The producer price index fell more than expected at the level of 5.4% in the last month. The country’s trade surplus narrowed at 43.0 billion levels last month from $ 46.5 billion in June; compared with forecasts for a surplus of $ 53.3 billion.
Chinese exports plunged 8.3% from a year earlier, worse than the expected decline of 1.0%, a slowdown in domestic demand indicates the broader economic recovery though requires more than government stimulus.
Technically, gold in today’s trading session on Monday (10/08) 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 1087.25 and re-test the maximum level of 1082.10. However, if the price of gold is able to break and hold above 1092.50, the estimated price of gold could potentially test the Resistance 1095.50 and 1098.80.
World Oil Continues Pressure Kospi
Venturing South Korean stock market trading on Monday (8/10), the Kospi index opened with a continuing negative trend from previous week. Kospi weakening this morning dominated the drop in oil stocks after the collapse of world oil prices, and stock weights stock markets this morning as S-Oil shares amounted to -0.63%, the Korean stock Petroleum Industries -1.79%, shares -1 667% Lotte Insurance, Samsung shares Electronics -1.40%.
The Kospi index opened at 4:48 in the pressure points or at 0.23%, by becoming 2005.75 points from the end of the previous week’s closing position at 2010.23 points and achieved the highest position previously traded on 2012.90 and the lowest point at 2001.13 previous points.
Likewise, the movement of Kospi index futures this morning, which also opened in the pressure of -0.65%, atau0.27%, to be 239.14 points from the closing position traded the previous weekend at 239.79 points and reached the highest position previously traded at position 240.15 points and the previous low at 238.66 points.
Based on the results end of the previous week’s trading, the Analyst Vibiz Research Center estimates that today’s Kospi index movement will try to penetrate the first support at 238.60 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 MA5 down 237.80 points with daily BB10.
If the movement of the index managed to turn around the direction of stronger, then is expected to try to penetrate the first resistance at 240.70 points with MA5 under BB10 daily, if the movement of the index broke through the first resistance is expected to try to penetrate the resistance at 241.80 points with MA5 under BB10 daily.
Technically, the index on the trading session today, Monday (10/08) likely to strengthen, test positive trend. At the M15 chart bullish hammer formation to provide opportunities for the index to move upside. However, the volume tends to increase, as well as an early indication of bullish index. In addition, RSI, on the M15 charts, is oversold, signaling upside.
It is estimated, the index test the first resistance level of 239.40 and 240.20. If it fails at 238.85, then the next index is expected to tend to retest the support level 238.25 and continued until the possibilities are in the 237.50 area.
USD / JPY Slightly Weakens
The yen weakened slightly in early Asian trading on Monday as investors saw mixed data on the amount of bank loans and Japan’s current account and reflect the disappointing trade numbers from China at the end of last week.
USD / JPY moving the range of 124.32, an increase of 0.02%, while the currency AUD / USD, whose country is the largest trading partner of China weakened 0:21% to 0.7402.
Japan reported a current account surplus in June were not adjusted for 559 billion yen, less than forecasts for a surplus of 774 billion yen, while that for the adjusted surplus of 1:30 trillion yen, also smaller than forecasts for a surplus of $ 1.41 trillion yen.
Meanwhile in a separate report showed that the number of bank loans for the month of July rose by 2.6%, slightly above the forecast for growth of 2.5%.
At the end of last week, China reported that the balance sheet they reach a surplus of $ 43.03 billion, the results were slightly below estimates, while producer prices down by 5.4%, more than expected.
Technically, the trading session today, Monday (10/08), the dollar yen pair has an opportunity to move in a negative trend.
Weakening Yen mainly expected soon reexamine the minimum support at 124.00 and 123.25 maximum. Meanwhile, if the Yen were able to break and hold above 124.32, then another alternative scenario the Yen likely to test resistance in 124.50 and 125.10 area.
