07:50am   No trading for me today as the markets have yet to settle down after the UK population voted to leave the EU, I will be back in front of my charts on Monday.

Market Update:

As you are probably aware already, the UK has voted fairly resoundingly to leave the EU and rumours around the city seem to suggest that David Cameron will also resign at some stage today which is probably not a big surprise given the stance he has had over the last few months of the referendum campaign. Reaction in the city is much as you would expect, the UK pound has dropped around 8% with similiar falls across equity markets and here in London the banks and house builders have taken the biggest with drops of upto 30% for some high street banks.

Overnight the Asian market has also fallen with the Japanese Nikkei 225 ending over 7% down but the main Chinese Shanghai Composite finished less dramatically at -1.33% which is probably a reflection on just how little this vote will effect the Chinese economy due to its size. U.S. markets closed up last night on hopes of a remain vote but the overnight futures market has reversed and reflects the European open where indices in France, Germany and Spain are off by 6% – 9%.

Inevitably Gold has benefited from the uncertainty that the Brexit has given the markets and it is currently sitting up around $70 today at $1318.25 although it has been as high $1358 during the middle of the overnight Asian session.

Overall it’s going to be an interesting day on the markets.