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Equity markets are in the red this morning with UK 100 having exprienced a sell off in the first 2 hours of trading along with German peer the DAX and Wall St. (Futures). The Troika’s Juncker is ‘absolutely not satisfied with the course of talk so far’ which, while not that unusual a thing to hear at the current time, will presumably be grabbing investors’ attention with its blunt rhetoric pointing towards Greek ‘immaturity’ and the ‘urgent need for greater efforts on the Greek side to get the matter concluded.’ With the usually upbeat Yannis Varoufakis himself admitting that no agreement is likely on Friday, markets are beginning to wobble. No respite for Gold in all of this, mind. With considerable uncertainty failing to direct investment into safe haven investments like Gold and the Japanese Yen, what will step in to assist the precious metal?
UK 100 is still in the upper half of a 2.5 month rising trend despite this morning’s sell off out of its pennant pattern. Testing support at 7000 with back-up just below at 6980.
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 pulled back from a test of the upper bound of a falling channel within a wider sideways trend. The index remains in the upper half of the channel. Note potential for a rebound off intersecting horizontal and (dashed) falling support around 11800.
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 is also reeling but, like its peers the UK Index and DAX, remains in good spirits in terms of proximity to all-time highs, with the sell off this morning failing to gain traction as yet. Support at April rising lows still holding with the potential to take the index back into an uptrend.
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 is stable around $1200 having re-populated a sideways channel formerly occupied in late Feb. April rising support nullifying yesterday’s bearish flag pattern and continuing to hold.
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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