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Equity markets given up early gains, off their best levels as investors adjust to a quiet Asian session on account of many markets closed for Chinese Lunar New Year. Investors also back in wait-and-see mode ahead of Fed Chair Yellen’s testimony to lawmakers on Wednesday anxious for clues about the Fed’s rate rise trajectory. What she says (and indeed what markets think in the run-up) could sway the USD and thus move commodities, with a knock-on for the EUR and thus DAX.
UK 100 testing last week’s lows of 5790. DAX downtrend persists with break below 14-month lows 9200. Wall St futures nearing rising support at 16060. Gold’s heading for retest of recent $1175 3-month highs.
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UK 100 back testing last week’s lows 5790 with potential for a revisit of 3-week lows 5760.
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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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DAX broken below 14-month lows 9200 to test 15-month lows 9130. Strong EUR hurting.
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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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US Dow Jones testing 3-week rising support at 16060. Can it hold up to maintain the 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.
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Gold’s reversal and breakout remains in full-flow looking like it is headed for Oct highs $1190 amid renewed safehaven seeking on market turbulence.
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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