Gold Falls 0.6% As Bernanke Statements Lift Dollar - Market Analysis Thursday 20th of June

Closed Hang Seng index plummeted 1.13%

Hong Kong shares to trading on Wednesday closed at significantly weakened position after the last two days and posted a successful market position raised above 21,000 basis points.

Technically, the index in the trading session today, Thursday (20/06) likely to weaken, test negative trends, the impact of Wall Street. On the bearish engulfing formation M15 chart gives an opportunity for the index to move downside. However, the volume is likely to increase, an early indication of a bullish index. In addition, RSI, on the M15 chart, is in the oversold area, cue upside.

Expected, the index tested the first support level ie 20470 and 20201. If it fails at 20 935, then the next index is expected to tend to retest the resistance level of 21224 and continued up to the possibility of being in the 21476 area.

Pulse Global Forex: Yen Down and USD Weakens

In trading Wednesday the Japanese yen appears to be still trying to continue its decline against the U.S. dollar. The yen declined amid speculation that Wednesday Governor Ben Bernanke Fed will provide more information about when the U.S. central bank will begin to reduce the amount of government bond buying program.

Technically, today’s trading session on Thursday (20/06), the dollar yen pair has a chance to move in a positive trend.

A stronger yen primarily expected soon reexamine the minimal resistance at 99.24 and 101.28 maximum. Meanwhile, if the Yen was able to break and stays below 96.43 then another alternative scenario that is likely to test support Yen’s in the area of ​​94.31 and 92.68.

 

Gold Falls 0.6% As Bernanke Statements Lift Dollar

Gold futures extend fall in electronic trading as the U.S. dollar strengthened after Federal Reserve Chairman Ben Bernanke told reporters that the central bank could begin to scale back purchases of government bonds earlier this year if needed with stronger economic data.

Technically, gold at today’s trading session on Thursday (20/06) potentially bearish, test returned negative trend, but prone to reversal. RSI indicator tends to re-test support channel and towards the oversold area, but Bollinger Band which began to widen, thus giving impetus to gold to the upside.

Estimated gold price immediately prior to test support at least in the area of ​​1316.85 and re-test the maximum level of 1297.10. However, if the price of gold is able to break and hold above 1346.05 then estimated the price of gold could potentially test the Resistance 1369.11 and 1386.95.