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Equity markets are suffering from elevated fears that Trump might actually make it all the way to the Oval Office. While the probability of a Clinton win still remains pretty high, polls are tighter than ever, Trump even leading in some cases, while a Brexit surprise is far too fresh in market memories for the possibility to be discounted entirely. The commodities space is hurting despite a weaker USD Basket with already weak oil prices taking another leg lower on production cut scepticism and base metals coming off recent highs. Precious metals, however are rallying on renewed safehaven appeal.
The UK 100 remains hampered by yesterday’s breakdown at 6900. The DAX 30 has breached 10500 which sees it half way towards a full retreat to 10200. Dow Jones Futures may have breached their uptrend and 200-day moving average but Sept and Oct lows are still valid as support. Gold at $1295 has broken from its rising channel to accelerate its uptrend.
The UK 100 remains hampered by yesterday’s breakdown at 6900 which extends the October downtrend. Off its lows but can it deliver a breakout? A weaker USD and thus stronger GBP is weighing on its internationally exposed contingent.
Watch levels: Bullish 6915, Bearish 6865
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 DAX 30 has breached 10500 which sees it half way towards a full retreat to 10200 where 200-day moving average support sits.
Watch levels: Bullish 10475, Bearish 10400
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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Dow Jones Futures may have breached their uptrend and 200-day moving average but Sept and Oct lows are still valid support.
Watch levels: Bullish 18020, Bearish 17935
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 at $1295 has broken from its rising channel to accelerate its uptrend. Having got back above its 200-day moving average, will it manage to break back above $1300 on persistent US election fears?
Watch levels: Bullish $1305, Bearish $1285
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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