In today’s Tip TV Finance Show, we discuss the outlook for Gold prices, EUR/USD, Brent crude and key global indices – FTSE, WallStreet, Nikkei and the Shanghai Composite, with Mike Van Dulken, Head of Research for Accendo Markets, and Nick Batsford, CEO at Tip TV.
FTSE 100: Negative divergence on charts
Van Dulken highlights the negative divergence on the technical charts for the FTSE cash index, noting that the price is rising but the RSI plotted a lower high, which suggests some weakness ahead for the equity index.
WallStreet: Lower retracement ahead
Van Dulken notes that the WallStreet is stuck near a trendline and struggling around the 17900 level. Although there is not divergence like the FTSE 100, Van Dulken expects the index to retrace lower.
Nikkei 225: Broke below the rising support
The Nikkei 225 index broke below the rising support line and can make a move lower towards 19450, views Van Dulken
Shanghai Composte: Worst down day in 3 months
The Shanghai Composite Index saw weakness overnight due to feat or further regulatory probes. The index broke below a major trendline and saw a second day close below the same. There is a support at 3200, but breaking below this will trigger a fresh downslide.
Brent Crude: Range trade
Commenting on the oil market, Van Dulken expects brent crude to trend sideways into the year around $45 levels.
Adding to this, Batsford outlines that, technically the charts suggest only a move above $55 would be a buy signal.
Spot Gold: Bearish below $1044
Dulken believes that Gold prices breaking below the $1044 level will see downside towards the psychological $1000 level.
EUR/USD: Parity?
With the EUR/USD trading pressured and the key ECB meeting ahead, Van Dulken expects a break below 1.05 to pave way for parity for the cross, especially if Draghi delivers.
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