The major European indices are off to a negative start for the trading week. We can geopolitical risks sour the mood of stock buyers.
A snapshot of the closing levels shows:
- German DAX, -0.67%
- France's CAC -0.55%
- UK's FTSE 100 -0.03%
- Spain's Ibex -0.92%
- Italy's FTSE MIB -0.45%
As London/European traders look to exit, the EUR is the weakest of the major currencies. The NZD is the strongest. The USD is mixed with gains versus the EUR, GBP and declines versus the JPY, CHF, CAD and NZD. The USD is unchanged versus the AUD.
In other markets:
- Crude oil is trading up $3.40 or 4.11% at $86.19
- Gold is trading up $20 an hour or 1.09% at $1852.60
Looking at the hourly chart of the price of gold, the price has been able to keep above its 200-hour moving average currently at $1842.05. Staying above that moving average would give the buyers more control in the short term at least. Those buyers still have more work to do with the 38.2% retracement of the move down from the September 20 high at $1862.61 as the next upside target.
