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Equity markets are lower this morning despite US and European bourses delivering strong gains yesterday following dovish comments from the Fed’s Evans and more supportive comments from the ECB President Draghi regarding possible QE from the central bank, as well as disappointing overnight inflation data from China adding to stimulus hopes for the world’s second largest economy. Gold settled around $1210, hindered by recent equity market gains (less safehaven demand) and the strong USD.
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The UK’s UK 100 traded at a one week high yesterday before finding resistance just below 6600. Support was found at the 100 day moving average whilst the RSI is rising after a bounce off 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 looks to have signalled a bullish flagpole formation, if maintained this could suggest a possible break of 10000. Although resistance may come into play around 9950, with support on the downside likely at the 100 day moving average. The RSI is declining after bouncing from overbought.
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 after a strong session yesterday found resistance at 17900 and has subsequently pulled back a touch. Support may come into play at the 100 day moving average while 17900 will remain a key level before the Dow looks to break 18000 again.
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 still managing to hold above 1200, trading above all of its moving averages. Support may come into play around the 50 and 100 day moving averages whilst resistance could come into play at 1215. The RSI is in steady decline after falling from overbought.
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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