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EuroStoxx50 Technical Analysis

With the rally having stalled ahead of the 3289.8 July monthly high the close back below

Gold continues to work its way towards the $1240.5 June monthly low with

The sequence of lower daily highs continued Monday with fresh 7 month lows

Following last week’s solid gains Stoxx50 continues to hesitate ahead of initial resistance.

The $1280.0 level confirmed its significance as key resistance last week with gold correcting sharply lower after

The sequence of lower daily highs continued Friday with a move back towards the Aug monthly low and

Following solid gains Thursday Stoxx50 consolidated at the upper end of the weekly range to

The $1280.0 level confirmed its significance as key resistance with gold correcting sharply lower after

Despite the volatile trading it should be noted that lower daily highs are providing bears with

Gains continued for Stoxx50 Thursday with the pair remaining capped ahead of the July monthly high.

After making marginal fresh 3 month lows Wednesday gold recovered a little.

The $96.00-78 region remains key resistance with Wednesday’s aggressive bounce confirming