07:30am   As it’s Non Farm Payrolls day in the U.S. I will not be trading today but I will be back in front of my charts next Tuesday morning after a long weekend break.

Market Update:

U.S. markets closed mainly flat on Thursday as traders await today’s jobs report. Initial surveys earlier in the week suggest the numbers will be good which raises the probability of a Fed rate hike as early as next week so we could see a fall in equity indices when the Non Farm Payrolls are announced in around 6-hours.

The overnight Asian session was mixed as traders over there also await the U.S. jobs report although the main news in the region last night was the impeachment of the South Korean President Park Geun-hye prompting a snap election within the next two months. European markets are looking fairly bullish this morning after a largely positive session on Thursday and throughout the day there is a steady flow of economic news from the region which could potentially affect indices.

Oil is continuing to slide and U.S. WTI Crude is now below the significant $50 level and is currently sitting on its 200-day moving average again. The global oil glut does not want to fade away and remarks from President Trump on U.S. oil self-sufficiency has prompted increased shale production which is just making the issue worse.   Gold is also below a key level, it fell down through the $1200 support yesterday on U.S. Dollar strength and is now heading for the next support at $1180.