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Equity markets are treading water this morning ahead of some important macro data in the form of UK GDP today and the US FOMC meeting later in the week where an update on the coming US interest rate hike is expected – though the hike itself is not expected to come any time soon. In addition to this we are now well into reporting season, an important time of year for investors to gauge the economic health of nations as their companies divulge first quarter earnings. These factors typically keep sentiment muted as markets wait for the data before acting on it. Gold is again back above $1200 ahead of the FOMC meeting and buoyed by a weaker US Dollar index that sits well and truly back from April highs.
UK 100 is trading either side of 7050 as it continues in a nigh on 120pt sideways trading range with a stay above 7100 proving short lived as and when it happens. All eyes on UK GDP data later this morning.
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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 is settling in to its own sideways range this morning having hit resistance around 12050 following a breakout of a downwards channel and bounce off support at the lower bound.
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 US Dow Jones r is also trending sideways this week with its very own split range, currently inhabiting the upper half while testing support with potential to move down into the lower before the FOMC meeting tomorrow.
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 is rallied strongly yesterday after breaking out of a falling channel and is now residing back above $1200 but again sideways following a failed test of $1205 resistance. Support holding around $1200 for now.
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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