Kospi Trying To Optimistic
Kospi rose, carried by positive sentiment from the continued rally on Wall Street at the end of last week. US stocks continue to rally as widespread belief that monetary policy in developed countries will still loose enough to make investors remain optimistic about the world economy.
Starting stable oil prices and currencies Russian Rubles also assuage investor fears of the commodity sector and the threat of financial market turmoil in Russia. Kospi futures rose 0.12% and is now trading at 246.80.
However, investors appear reluctant to push up the index is too high after Seoul cut its outlook for economic growth in South Korea. South Korea’s finance ministry revised the outlook for economic growth from 4.0% to 3.8% for 2015. Seoul also cut its outlook for growth this year from 3.7% to 3.2%.
Seoul sees China’s economic slowdown and Europe, as well as the tightening of US monetary policy will be quite a burden for the largest economic performance 4 in Asia are. However, Seoul believe domestic demand will contribute more to economic activity as the low world oil prices, as well as fiscal and monetary policies that run loose South Korea.
Technically, the index on the trading session today, Monday (22/12) is likely to strengthen, test positive trend. At the M15 chart bullish hammer formation provides opportunities for the index to move upside. However, the volume of which is likely to increase, as well as an early indication of bullish index. In addition, RSI, the M15 chart, are oversold, signaling upside.
It is estimated, the index test the first resistance level of 249.25 and 251.50. If it fails at 247.05, then the next index is expected to tend to retest the support level of 246.10 and continued until the possibilities are in the 245.15 area.
Failed Up, Pound Still Down Under Pressure
Sterling on last week’s trading in general observed trend weakened against the US dollar. Trading currency pair GBP / USD is once opened in the range of 1.5721 in early trading week has dropped about -90 pips or about -0.57% and closed at around 1.5631.
Analysts suggested that the weakening of Sterling currency at this week related to the report of the Office for National Statistics were announced to the public that the employment sector in the UK still do not show improved performance as previous expectations.
The development is indicated by economic fundamentals are still showing Unemployment Rate 6.0% figure is equal to the value of the previous period is 6.0%. The figure shows a worse performance than the estimated number of economists, who expects to be able to go down to the 5.9% figure.
on trade in this week (December 22 to 26), the normal range of GBP / USD weekly forecast to have the support level at 1.5519 and then at 1.5407. While the resistance level at 1.5763 and then at 1.5896.
The movement of the currency pair is expected to be affected by a number of economic data releases that include: BBA Mortgage Approvals and Final GDP q / q.
Technically, today’s trading session on Monday (22/12), 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 1.5680 and 1.5750 maximum. Meanwhile, if the Pound was unable to break and stays below 1.5630 then another alternative scenario that Pound chance to test support in 1.5600 and 1.5550 area.
US Dollar Weight the Gold Performance
Gold posted a weakening thin, weighed down by a stronger US dollar successfully undermined the appeal of the precious metal. The US dollar continued to rally as the contrast outlook Federal Reserve monetary policy with other central banks. This week’s FOMC meeting showed the Federal Reserve will still raise interest rates in 2015.
In an interview with Bloomberg Radio, president of the New York Fed, John Williams, express more like mid-2015 as the beginning of an interest rate hike.
However, the performance of gold is still supported by physical demand. Russia’s central bank, the largest gold holder 5 in the world, adding to its gold holdings for 8 consecutive months as reserves. Russian gold holdings rose 3% per 1 December to 38.2 million ounces from the previous 37.6 million ounces in the previous month. XAU / USD is now trading at $ 1,195.51; try to stay away from high levels of daily $ 1,201.25.
Technically, gold in today’s trading session on Monday (22/12) 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 1192.33 and re-test the maximum level of 1187.73. However, if the price of gold is able to break and hold above 1197.00, the estimated price of gold could potentially test the 1199.40 and 1204.72 resistance.
