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Hang Seng Index May See Technical Pullback, Gold and Silver Advance

Hang Seng Index May See Technical Pullback, Gold and Silver Advance

Margaret Yang, CFA, Strategist

HANG SENG INDEX, GOLD, SILVER PRICE OUTLOOK:

  • Hang Seng Index may face selling pressure as US tech rally fades
  • Gold price climbed to 9-year high of US$ 1,842, breaking key resistance at US$ 1,810
  • Silver price surged to US$ 22.22, registering a 14.86% gain in three days

Hang Seng Index Outlook:

The Hang Seng Index (HSI) may face some selling pressure on Wednesday after US technology firms retraced in the prior trading session. Investors are scrutinizing Covid-19 virus developments around the globe and increasingly question the bubble-like’ rally of the Nasdaq index.

The Hang Seng Indexes Company Limited will launch the Hang Seng Tech Index on 27 July, 2020, which tracks the 30 largest listed technology companies in HK. It will have some of the most valuable Chinese internet companies as its constituents, including Alibaba Group Holding (+7.26%), Tencent (+7.94%), Meituan (+8.81%)and probably the upcoming Ant Financial after its debut on the HKEX. Share prices of these technology firms surged following the news.

Sector-wise, Commerce & Industry was leading HSI gains yesterday, with Tencent alone contributing 40% of the index’s daily gain. Utilities and Properties were lagging behind (chart below).

Hang Seng Index Sector Performance21-7-2020

Hang Seng Index May See Technical Pullback, Gold and Silver Advance

Source: hsi.com.hk, Dailyfx

Technically, Hang Seng index has found support at 25,000. A technical correction at around 25,500 probably won’t change its upward trend in the near term. Holding above 25,000 could pave way to attempt higher highs around 26,000 – a 61.8% Fibonacci retracement level.

Hang Seng IndexDaily Chart

Hang Seng Index May See Technical Pullback, Gold and Silver Advance

Gold Price Outlook:

Gold price is trading at a 9-year high of US$ 1,840 and may attempt to challenge the all-time high seen in Sep 2011 – US$ 1,920. The remarkable rally was perhaps driven by the European Union’s historic stimulus package, which will inject even more liquidity into the financial system. Uncertainties surrounding the Covid-19 pandemic may have also underpinned precious metal prices as demand for safety surges.

Technically, gold prices have broken a key resistance at US$ 1,810 and moved decisively higher. The uptrend remains intact. Immediate resistance can be found at the 161.8% Fibonacci extension at US$ 1,872.

Gold PriceMonthly Chart

Hang Seng Index May See Technical Pullback, Gold and Silver Advance

Silver Price Outlook:

Silver prices surged for a third day to US$ 22.3, marking a three-day gain of 14.8%.

Technically, silver price has soared to a 7-year high at US$ 22.3, with no immediate resistance level found in the near term. A technical correction, however, is possible as the price has been severely overbought from a technical point of view. This, however, is unlikely to change its bullish trend in the medium term.

Silver PriceDaily Chart

Hang Seng Index May See Technical Pullback, Gold and Silver Advance

--- Written by Margaret Yang, Strategist for DailyFX.com

To contact Margaret, use the Comments section below or @margaretyjy on Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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