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Risk Warning on Trading HK Stocks
Despite Hong Kong's robust legal and regulatory framework, its stock market still faces unique risks and challenges, such as currency fluctuations due to the Hong Kong dollar's peg to the US dollar and the impact of mainland China's policy changes and economic conditions on Hong Kong stocks.
HK Stock Trading Fees and Taxation
Trading costs in the Hong Kong stock market include transaction fees, stamp duty, settlement charges, and currency conversion fees for foreign investors. Additionally, taxes may apply based on local regulations.
HK Non-Essential Consumer Goods Industry
The Hong Kong stock market encompasses non-essential consumption sectors like automotive, education, tourism, catering, and apparel. Of the 643 listed companies, 35% are mainland Chinese, making up 65% of the total market capitalization. Thus, it's heavily influenced by the Chinese economy.
HK Real Estate Industry
In recent years, the real estate and construction sector's share in the Hong Kong stock index has notably decreased. Nevertheless, as of 2022, it retains around 10% market share, covering real estate development, construction engineering, investment, and property management.
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Be Prepared in Case of 'Surprises'
Summary:
Keep close attention to the debt ceiling negotiation and maintain a neutral strategy.
CLOSED
1950.00
ENTRY
1985.00
TGT
1920.00
SL
3325.20 +19.36 +0.59%
538
Points
Profit
1920.00
SL
1955.38
CLOSING
1950.00
ENTRY
1985.00
TGT
Fundamentals
During Thursday's (May 25th) Asian session, spot gold narrowly oscillated, and it is currently trading near $1959. After the negotiations between the two Parties, the U.S. House Speaker, Kevin McCarthy, gave the heaviest commitment as he is convinced that the debt negotiations with U.S. President Joe Biden will reach an agreement in time and can avoid a debt default. This statement largely appeased the market sentiment, with gold prices falling back in response, gaining support at the weekly low of $1954 and entering a small shock to the upside.
Today, the initial jobless claims and the U.S. first-quarter GDP data revisions will be announced. Investors should pay close attention to it, as well as further updates about the debt ceiling negotiations.
In general, the U.S. revealed mixed data currently, and the economy remains resilient, making investors cut their bets on a series of interest rate cuts this year. Moreover, the USDX continued to strengthen, refreshing more than two-month highs, while the U.S. treasury bond yields also maintain strong, suppressing the gold price more significantly. On the one hand, although debt default concerns still exist, the support provided to the gold price is valid. Because the market expected the negotiation to reach an agreement at the last minute according to historical results and the current efforts made by authorities. On the other hand, investors must beware that new consequences may be created, so stay alert to the risk of U.S. debt default. Meanwhile, even if the agreement is made at the last minute, the damage to the U.S. economy will be tremendous. If a default does occur, it may directly and quickly trap the U.S. in a recession. Although it is not likely, investors should not bet on the direction, but on tracking and response.
Today's trading range is $1950-$1985.
Technical Analysis
1H chart: Gold stably stood near the support at $1950 during the past week, forming a triangle pattern. Currently, MACD tends to form a golden cross, with the bearish momentum weakening. Nonetheless, the bullish momentum will fade if gold fails to break through the previous support at $1969, and the gold prices may plummet further after a short-term correction, leading to a declining trend.
If gold plunges further below $1950 shortly, it may fall again a test the support near $1910. More importantly, if the level of $1910 is lost, gold will enter a great range of consolidation in weekly levels, which will open further space below.
Trading Recommendations
Trading direction: Long
Entry price: 1950
Target price: 1985
Stop loss: 1920
Support: 1950.000/1910.000
Resistance: 1985.000/2000.000
Risk Warnings and Investment Disclaimers
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