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Markets across the globe are lower this morning stemming from the continued fall-out from OPEC decision late last week not to cut production levels as supply rises in the face of slowing demand. The Swiss voting against buying more gold and the price of oil taking another leg down following key data overnight confirming a slowing China. Gold at $1160 after falling sharply from Friday’s $1180 to test recent $1130 lows on the news that Switzerland had voted against proposals to force the central bank to boost its gold reserves after selling too much.
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The UK’s UK 100 is being driven lower this morning by commodity related stocks. It is testing support from 2 weeks ago, after a break below its major moving averages. The 50 day moving average has fallen below the 200 day moving average whilst the RSI is trading very close to oversold.
Solid Green line
Possible support
Solid Red line
Possible resistance
Important: The information provided above does not constitute advice or opinion and must only be regarded as technical observations.
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Germany’s DAX although lower this morning is one of the better performing European markets today. After a break of the 50 day moving average support was formed at the 100 day moving average around 9923. A break below the 100 day moving average could see a pull back towards 9800, although 10000 is still the upside target.
Solid Green line
Possible support
Solid Red line
Possible resistance
Important: The information provided above does not constitute advice or opinion and must only be regarded as technical observations.
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US Dow Jones has broken out of its higher trading range, also falling below all of its major moving averages. The 200 day moving average may now act as resistance to the upside whilst support could come around 17698.
Solid Green line
Possible support
Solid Red line
Possible resistance
Important: The information provided above does not constitute advice or opinion and must only be regarded as technical observations.
Click here for help with Support & Resistance Click here for help with technicals
Spot Gold is trading lower this morning after the Swiss no vote on increasing gold reserves. Resistance was met this morning at the 20 day moving average with the 100 day moving average breaking below 200 day moving average. The RSI is still rising after breaking out of oversold territory.
Solid Green line
Possible support
Solid Red line
Possible resistance
Important: The information provided above does not constitute advice or opinion and must only be regarded as technical observations.
Click here for help with Support & Resistance Click here for help with technicals
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