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Equity markets are mixed-to-positive this morning with UK 100 holding just below the waterline hqaving made a small recovery at the open. DAX and Dow Jones futures 20-30pts higher. European markets likely hopeful of dovish rhetoric from Mario Draghi at today’s ECB press conference where it’s expected that he may hint at an extension of Eurozone QE which still has another year, at least, to go in its current form.
With US and UK central banks undertaking three rounds of bond buying each, it’s evidently pretty difficult to exit a money printing mentality, so it could be that Draghi & Co. will end up travelling a similar route. Cheap money for longer 🙂
Gold suffering from a rallying US dollar basket putting the yellow metal firmly back around 14 Oct levels and as European markets go risk-on this morning.
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UK 100 picked up support at a rising trendline from Aug 24 lows while the 200-period MA proving a hurdle at current levels. Note falling highs since 9 Oct making for a potential pennant continuation pattern.
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 has tested 10275 for a second time, supported by fresh rising lows since yesterday. Momentum remains positive while daily RSI trending upwards strongly.
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 in a narrowing pattern at top of 1-month rising channel. Potential for the index to drop back beneath support having sold off yesterday evening. Shallow uptrend through Oct giving low momentum. Still trading around 400pts from 200-day MA.
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
Gold now below $1170 with that level having served as resistance after a re-test this morning. Potential for gold to settle into a sideways range which could see it exit this week’s falling channel.
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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