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Equity markets are positive this morning, having started off jittery. UK 100 now having joined peers the German DAX and US Dow Jones futures in positive territory. UK energy (despite World Bank oil outlook downgrade) and tech stocks, particularly ARM Holdings, helping distract nervous investors after more earnings reports showing banks again failing to assure markets of their financial health – see Credit Suisse.
Chinese markets lower with the commodities outlook taking another leg down, this time at the hands of the World Bank which downgraded its 2015 forecast for crude oil. Lower prices now seen bugging commodities for longer, reinforced by UK steel industry woes.
Gold initially receiving support from a weaker USD and hence safe haven demand from non-US investors worried by emerging markets and current equity volatility. However now under a little pressure as risk sentiment improves.
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UK 100 popped out of a 3-day downwards channel within a week-long sideways range. 6360 currently a barrier to further gains while support 6320 could help break the downtrend.
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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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Germany’s DAX has broken out above resistance 10100 which has now turned support. 10350 and 10500 need to be bettered before 11000 is on the cards.
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 futures bounced back up off rising support 17,200 with the 9-period MACD making a bullish cross and pushing up into positive momentum territory.
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 potentially set to pull back beneath $1170, a view supported by the hourly RSI indicating selling pressure, although buyers’ remorse following a breakout above 3-month resistance could be a precursor to further gains towards $1190 and above as the market regains confidence.
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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