Financial Markets Stall Ahead of Key Event Risk
MSCI WORLD STOCK INDEX – Unchanged from yesterday: “Prices have turned lower after testing resistance at a falling trend line connecting major swing lows since May to meet horizontal support at $1091.00. A move below this boundary will expose the triple bottom at $1032.14.”
US DOLLAR INDEX – Unchanged from yesterday: “The greenback has taken out major support at a rising trend line established from the major swing low in December 2009, with prices now stalling above a horizontal barrier at 82.38. A bounce sees initial resistance on a re-test of the trend line near the 84.00 level while continued selling exposes the psychologically significant 80.00 figure.”
CRUDE OIL – Unchanged from yesterday: “Prices continue to consolidate inside a rising channel. Initial support lines up near $75.00, while resistance is seen in the $78.13-79.38 congestion region.”
GOLD – Prices have put in a Piercing Line bullish candlestick formation above support at a rising trend line established from the swing bottom in early February. A bounce sees initial resistance at the $1200 figure, followed by a horizontal barrier at $1215.47. Alternatively, a break lower sees initial support at $1170.
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