| Trading Update |
04-Feb-14, 8:59am: The Sell Off Continues but there are Few Technical Buying SignalsThe Dow has seen another day of selling it’s currently sitting on support at 15,400. The technical indictors are slightly oversold but there are few signals to buy. The FTSE 100 chart shows the UK index has bounced off support at 6,390. The Nikkei chart continues to be a picture of devastation.
Update by Craig Inglis, Head of Product Development, |
04-Feb-14, 9:58am: Is Tapering Rescuing the Gold Market?Tapering by the US Fed should be strengthening the dollar and that should be suppressing gold prices. Yet, whilst the dollar has been getting stronger, gold prices are also moving higher.  Without the tapering-safety-net, investors are getting evermore fearful of average/poor US corporate returns, shrinking Chinese growth and emerging market problems. (and that’s before we get to all the issues in Europe). The result is that we have seen stock markets having a bit of a rout and money has flowed into gold and bonds. Gold could be in a nice up-channel which has been around since 19 Dec. When the price nears the bottom of the channel I will be tempted to have a small buy. A word of warning though, other commentators are talking of strong resistance around $1,268. If they are right, we will need to see a close above $1,268 for the trend to continue. The above is my own personal view, it is not trading advice. If you do speculate, only speculate with money you can afford to lose.
Update by Jacob Wood, Editor, |
04-Feb-14, 10:07am: Stocks Pull Back as Asian Indices Enter CorrectionWith the Fed continuing to taper, a slowdown in Chinese growth and weaker corporate numbers, we are seeing further losses from stock markets as emerging markets take a hit.
Update by Ishaq Siddiqi, Market Analyst, |
