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European markets are on the back foot again this morning courtesy of a weak US close and with much volatility following a strong European finish. This was in reaction to significant moves in the price of oil and ahead of the Fed’s last meeting of 2014 this evening. This is in addition to pre-existing worries related to global growth, Eurozone/Greece and central bank policy uncertainty/divergence. Gold is still being hindered by USD resilience.
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The UK’s UK 100 saw an extremely volatile session yesterday with resistance being met at the 100 day moving average, whilst support has come into play at the 50 day moving average. The 100 day moving average may come into play today as potential resistance around 6300 whilst we will look for support around 6240.
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 broke above its 50 day moving average before finding resistance at 9500. A break of 9500 could see the DAX trade up towards 9600. The 50 day moving average could act as a level of 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 briefly broke above its 50 day moving average yesterday before finding resistance at its 100 day moving average and then selling off to trade at a 6 week low. Resistance may come into play today around 17180 and than around the 50 day moving average with support likely around 17000.
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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Spot Gold is struggling to break back above 1200 today after resistance was formed around this level. Support on the downside could kick in around 1190 whilst a break above 1200 could see a push to the 200 day moving average at 1211.
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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