Bearish double-top for Gold?

Bearish double-top for Gold?

Mike van Dulken, Head of Research at Accendo Markets commented to clients this morning:

Equities are positive into the new week, buoyed by gains in Asia inspired by M&A that gives renewed confidence in global growth. This is offsetting continued bond market weakness, amid more hawkish central bank rhetoric, and FX weakness is also serving to flatter, however, indices are off their best levels as oil revisits Friday’s lows and metals give up ground. The FTSE 100 is higher thanks to strength from internationally focused defensives benefiting from a weaker GBP including HSBC, ULVR, AZN, DGE, RDS and RB. Dragging on the index is weakness from Miners (RIO, GLEN, BLT), select financials (LLOY, LGEN, RBS) and Shire. Germany’s DAX outperforms thanks to a mix of utilities, tech, industry and consumer. The FTSE 100 is making a bullish test of July 7385 highs.  The DAX 30 is back from a flirt with 12500 recent highs and 3-week falling resistance. Dow Jones Futures are hindered by falling highs resistance at 21450. Gold could be embarking on a 5% bearish double-top reversal down to $1135.”

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About Author

Clive Arneil

Clive Arneil worked for major brokers for over 20 years trading most instruments in the Foreign Exchange markets as well as Derivatives. Brokered deals on behalf of some of the worlds largest banks including Barclays, Citibank, UBS, Nat West and the Bank of England. Worked mainly in the UK but also in Switzerland, Germany and the U.S. Retired from the Money Market at the age of 40 and worked as a financial data feed specialist supplying market data to Banks, Brokers and Spread-Betting companies. Still trading and teaching people the skills required to master today’s volatile markets.