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As covered here yesterday, the noticeable rotation out of European stocks and back to the US led to the early gains in the likes of the DAX, CAC and FTSE all unravelling and by some margin too. As far as the DAX was concerned, it was by some margin the worst of the three, with the auto sector really coming unstuck. Shares in the likes of VW, Porsche, Mercedes and BMW all got hammered, with the latter two hit hardest of all. So, the DAX sharply reversed an earlier rise to 19,563, to a low at 19,007. The index later closed 216 points lower, at 19,039. So, as you can see; that 19k level did manage to cap the downside, but we shall have to see how that fares today. There are doubts here that it will hold at the next time of asking, if there is one. The index futures are a little higher this morning though and currently indicating the opening at around 19,115
The US stock markets have just reopened and it has been an across the board lower start to the session. The Nasdaq 100 has just kicked off at 19,657...
Since the last update here on Gold, the metal has now tested and taken out the noted trend line resistance level, in place around $3,029 per ounce...
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