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The UK 100 , DAX and DOW all failed to build upon breakouts from bullish flag patterns with news of an IMF departure from Athens and clear public hostility towards Greek PM Tsipras (diplomacy waning) being taken as a sign that patience is wearing painfully thin as negotiations to save the country from disaster fail to climb what seems an insurmountable wall of agreement. Gold a victim of solid US Retail Sales and Jobless claims data stoking Fed rate hike expectations and stronger USD holding it back after a reversal of recent gains. Hopes of China stimulus (RRR cut) this weekend after weak data being largely ignored by markets for a change.
UK 100 rebound found resistance at 2 Jun highs. Bullish flag breakout failed to keep going. Fallback to early May lows and key recent level 6800. Near-term support and platform for rebound revival? Or downtrend to resume?
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Possible support
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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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Like the UK Index , Germany’s DAX also failed to keep climbing up its bullish flagpole after breaking out from falling channel. Fallback tested recent 11200 breakout but which offered support.
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 bullish flag breakout scuppered at 18100. Support initially at 18000, but not even this is being tested . Pause and consolidation before week-end rally?
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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Gold pull back from $1192 found support at $1175. Simultaneously in uptrend from 5 June and downtrend from 18 May. Which will prevail? Good US data and stronger USD hindering gains despite myriad macro worries elsewhere (Greece, Ukraine, Russia, Middle East).
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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