DAX has a look above 16,500 and takes one step closer to a new record
Following on from a series of updates this week and last, the DAX has taken one step close to a new record high this afternoon. The DAX has lifted...
Dow Jones and Nasdaq flips positions as yields fall and tech rebounds
Ever since the opening for the US stock markets today we have seen a reversal in the divergence between the Nasdaq 100 and the Dow Jones, That is to...
GBP/USD takes out double bottom at 1.2604 but rebounds on JOLTS data
Not long before the US economic releases this afternoon, the GBP/USD made a brief move below the noted 1.2604 double bottom on the daily charts. The...
Gold is not making much in the way of any headway so far today. As noted here earlier, the metal had once again dipped below two technical levels much earlier today, but the rebound from there has not been at all conclusive so far. Of course the rise in the USD/JPY again today is adding downside pressure and the lack of Middle East risk aversion is not helping it much either. The 200 day moving average is still holding the downside in check, but a daily close below that price point might not augur well. So, if the next support, which is a corrective Fibonacci level, does not hold, then what next might lie in store? Well, as far as corrective targets go, that first price point is at 1,933.43, as mentioned here a few times already. That represents a 38.2% correction of the move from 1,810.51, to the recent high at 2,009.41. The 50% corrective level comes in at 1909.96. Meanwhile, the 200 day moving average is now at 1,935.12. Gold is currently trading at 1,938.10