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Equity markets starting the last day of the month in the red, after a volatile Chinese session and Asian losses linked to uncertainty ahead of a busy week with an ECB policy update (more stimulus?), OPEC annual meeting (any action to cut supply?), US jobs report (good or bad for rate rise?) and China PMI (likely still poor). All the while Geopolitical risk simmers and the USD climbs on anticipation of a US rate rise mid-month, keeping the commodities space and its miners/drillers in check.
UK Index recovered sharply from early sell-off but remains hindered by 6375 falling highs resistance. DAX testing 9-month intersecting resistance at 11375. Wall St turning over after resistance at 6-month shallow falling highs 17900. Gold creeping ever closer to Feb 2010 lows $1044.
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UK 100 fallen back from October falling highs. Of note is the negative divergence of the RSI with the price which would signal bigger reversal after the revisit of 6400.
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 testing 9-month intersecting resistance at 11375, keeping its strong uptrend from late September lows. The RSI remaining in the upper half of its range is bullish. as is the recent break above the 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.
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US Dow Jones futures sold back from July shallow falling resistance at 17900. Is it gradually turning over again?
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 still in strong downtrend, hindered by strong USD ahead of a US rate rise which will increase the opportunity cost of holding a zero-yielding asset. Will weakness continue to Feb 2010 lows of $1044 which correspond with 2008 highs. Or worse?
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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