Perhaps a bit of profit taking or a trend change? Alot of uncertainties have arisen in the marketplace. Recent rate hike by China shocked the market and in particular gold went down along with the commodity related currencies. A stronger yaun allows China to buy more resouces but it relies on low currency policies to support exports. In other news US earnings releases took center stage. IBM and Apple's report were seen as lackluster by the market but perhaps seemed worse with the surpirse move by China. Another uncertaintcy revolved around what Bernanke will do with his promise to stimulate the economy with QE.
Technically the dow broke below a rolling pivot of 11002 which gives temporary control to the bears while Support of 10908 has held up. Gold also broke below a rolling pivot of 1343 with support below at 1315. Technically speaking this could still be a wipsaw since support has not yet been violated. Brent however broke through it's 1st support of 82.40 and remains well below pivot of 82.45. A sell signal was generated by my trading system at 84.24 and later confirmed at 83.69 and is currently trading at 80.90 as I type this for a pretty nice profit.
Technical analysis was done on Metatrader 4.0 platform on live markets using an advanced trading system and custom indicators. Emphasis is on Forex, commodities, and equities outlook for trading purposes.
The UK will be releasing it's Bank of England Minutes report on Wednesday. It will provide some incite on the direction of the UK economy and the pound.
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