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While equity markets started on the back foot this morning after Greek debt negotiations stumbled yesterday, they have re-gained positive territory. Talks in Brussels go on this week as the clock continues to tick, while the Ukraine situation still looms large with Sunday’s ceasefire proving patchy at best. Despite all this uncertainty and geopolitical woe, gold headed back from yesterday’s highs with lower volumes on President’s day in the US and prep for the Chinese Lunar New Year conspiring with blatantly hawkish US Fed rhetoric to keep safe haven demand low as we head into the week.
The UK Index has found support at 6820 which gives us a trend line of Feb rising lows. Support above 6800 also keeps us in the upper half of a 3.5-week sideways channel, keeping alive the possibility of a breakout and re-visit of all time highs 6950.
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 has recovered from overnight weakness to trade positive for the day. It remains in a 3-week sideways channel. at the top of a 4-month uptrend which recently saw fresh all-time highs.
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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The US Dow Jones has found support overnight at 17920, this after falling back from a failed test of Feb highs 18040. Still in an uptrend from 2-Feb, which itself is in a sideways channel from mid-Dec with a ceiling at all time highs.
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
Gold has given up all of its 4-day bounce from $1215. While it finds itself back at 3-month rising support $1220, the downwards channel from end-Jan remains a threat.
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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