07:20am   Another early start for me today as for a second day I am helping a friend with some building work at his house. Back in front of my charts tomorrow.

Market Update:

Despite U.S. markets having quite a positive Tuesday after their long weekend break, the overnight Asian session was less than bullish. Both the Hang Seng and Nikkei 225 indices ended the day down but this sentiment has not spilled over to the European session this morning, botht eh German Dax-30 and UK FTSE-100 are slightly up on last night’s close.

News regarding the Crude Oil market yesterday of an agreement to limit production did not boost values as many had expected although when you delve into the reports it is obvious why this strategy is a half measure at best. Firstly we have Iran and Iraq who want to pump out as much oil as possible to help their economy after many years of wars and sanctions plus the limit that’s loosely been agreed to are January’s production numbers which were a recent record high, so a drop in the high crude stocks does not look likely and this at the end of the day has the greatest effect on the current price.

The gold price has suffered in the last few days as equities and oil prices rise but the bearish sentiment has come to a brief halt at the moment and is slightly up on last night’s close of $1201:00, it is currently at $1204:44 with the daily chart quite oversold hinting at further moves up this week.