08:40am       No trading for me today and I am away later this morning on a week’s holiday, back in front of my charts on Monday 20th June.   Until then, enjoy the markets and have a great weekend !

Market Update:

Equity markets in the U.S. closed slightly down last night on weaker oil prices and this sentiment spilled over to the overnight Asian session where the main indices all ended in the red with the Chinese Hang Seng Index coming in as the biggest loser at -1.12% (238 points down)  The crude oil market has enjoyed a good run up from the low in February when U.S. WTI Crude was at $26 but it took a breather yesterday and fell from $51:63 to close at $50:43 and this morning its trading lower at $49:99 although the daily chart has become oversold in the past few hours so we could see a rebound before the weekend break.

European equities are reacting to U.S. and Asian markets and have opened well down this morning with the German Dax-30 off by around 140 points currently and here in London the FTSE-100 is down by 60 points as I write this. You would normally expect a flurry of buyers moving over to Gold when equity markets are in the doldrums but the yellow metal has got off to a subdued start today and is still around the $1267level where it closed on Thursday evening. The daily chart is quite overbought and looks as though it could succumb to some profit taking in the next few days.