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Equity markets are lower this morning following on from Friday’s sell-off as global indices got traders’ tongues wagging about a rate hike from the Federal Reserve coming sooner rather than later. The seemingly stronger US economy, coupled with a potential rate hike, pushed gold out of favour. The safe haven metal fell over $30 from $1200 to sub-$1170. Eyes will be back on Greece again this week. Greece’s provisional agreement with creditors to avert a default started to crack as European officials said the country’s latest proposals fell far short of what was put forward two weeks ago and Greek ministers floated the prospect of a referendum if their reforms are rejected.
The UK 100 trading lower continuing the decline from Friday. It is now trading below all of its major moving averages, although the RSI is rising after break out of oversold 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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Germany’s DAX made another all-time high on Friday breaching 11600 for the first time. The uptrend from the turn of the year is still firmly in place with support likely around the 100-day moving average at 11428.
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 continues to fall after Friday’s Non-far payroll data release sparked concerns that a rate rise was fast approaching. The Dow is now trading at 1-month lows with support likely around 17800. The RSI is still in oversold 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.
Click here for help with Support & Resistance Click here for help with technicals
Gold’s continuing its decline with a stronger dollar weighing heavily on the precious metal which is now trading back at 3-month lows. The 100-day moving average has crossed below the 200-day moving average whilst the RSI has broken up from oversold 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.
Click here for help with Support & Resistance Click here for help with technicals
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