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Equity markets are positive this morning after a slight hiccup yesterday with positive inflation, unemployment and wage data from the UK buoying the UK Index while US rate-rise-rumours on the other side of the pond, which would doubtless cross the water, are hindering a decisive break upwards. Gold still suffering from a lack of decisive drivers with investors looking ahead to Friday’s Non-Farm Payrolls to provide impetus.
The UK Index is looking for support around 6890 for a bounce towards all-time highs of 6980 and above; continuing to benefit from rising lows from Dec ’14 and a supportive 20-day moving average through Feb. The index has bee range bound, however, for the past 13 days.
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 rebounded off a new line of rising support to test March 3rd all-time highs this morning with the daily RSI continuing to retreat from overbought territory. Note potential support at 11390 may be a rest-point before further probes North.
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 has fallen back to test support at recent lows 18080 this morning having posted two days of declines from all time highs 18284 seen on 2 March. If 18080 proves supportive and US Fed talk swings dovishly, we could see the uptrend regain momentum.
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 recovery has faded further this morning and is still in a downtrend from Jan highs, although falling highs soon to intersect with rising lows to promote a decisive break the direction of which may to be confirmed at US Non-Farms 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.
Click here for help with Support & Resistance Click here for help with technicals
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