09:20am   I am having a day away from my charts today as we’re currently staying in a hotel in London for a few days.  Back trading next Tuesday.

Market Update:

U.S. equity markets ended Thursday’s session with a negative outlook after President Trump publicly criticized the Federal Reserve’s policy on gradually raising rates and banking stocks caused the main fall in the markets. The S&P-500 fell 0.40% to 2804.49 and the Dow Jones dropped slightly more in percentage terms and closed at 25,064.50.  This negative sentiment carried on through the night and the Asian trading session was equally as downbeat initially although many of the region’s bourses did recover early in the morning European time and by the end of the session only the Japanese Nikkei-225 index was in the red ( down 68.80 points at 22,697.44)

Oil price have risen slightly this morning after a broadly negative session on Thursday, Brent Crude closed down 39 cents last night to finish at $72.61 but as trading currently at $73.11 after bouncing off the $71.25 level on Wednesday.  There look to be some resistance coming up at the 20-day moving average ($74.00) so expect further bullish moves to be capped.  There are still concerns over market over supply and a slowdown in demand caused by the current U.S/China trade war which could trigger a negative economic outlook.

Gold is suffering at them moment as the U.S. Dollar is trading close to a one year high, it is getting close to the 2018 low of $1200 where it may find some support so watch for potential trading opportunities if it falls from its current $1223.17 level today.  The 1 hour and 4 hour charts are looking fairly overbought so there could be some falls in the next few hours.