07:25am   Early start for me today as I have a few things to clear up before I go off to Majorca for a quick visit this afternoon. Back here next Tuesday.

Market Update:

Once again there has been widespread losses during the overnight Asian session, and falls in the Japanese Nikkei 225 index has put it officially into a bear market as it has now dropped more than 20% from its 2015 high. This bearish sentiment has caused European futures pointing to a lower open in around 30 minutes even though U.S. equities staged a late rally last night after falls caused mainly by the continued drop in oil prices.

Brent Crude is now at a lower price than its American counterpart, currently sitting at $27:64 against the WTI Crude price of $28:10 and the 4hr charts for both commodities is still look quite bearish.  I am now looking at  $25:00 as the next support level for WTI Crude and we may see that this week after today’s U.S. Crude Oil Inventories announcement where a rise of  3.3 million barrels is expected.

Gold is still being affected by volatility in the Crude Oil and equity market and it enjoyed a $14 rise in value yesterday to $1100:70, the first time it has closed over the $1100 level this week and is currently sitting further up at $1103:04.

Trading Diary:

08:00am  Off for ‘bracing’ cycle ride, it’s -3 out there at the moment.

10:55am   Been back for a short while and there’s been no trade opportunities in the past 30 minutes so switching off my charts and getting ready for the trip. Back here trading on Tuesday.