US Tech and Gold

Economic data releases start with Japan September jobless rate, preliminary September industrial production, preliminary Q3 GDP from Euro Area, Germany, France and Italy, preliminary October CPI from Euro Area, France and Italy, UK September mortgage approvals. In the afternoon, Canada August GDP, US September personal spending, personal income, October MNI Chicago PMI, final October University of Michigan consumer sentiment index. Company earnings continue with reports from ExxonMobil, Chevron, AbbVie, Charter Communications, Daimler, BNP Paribas, Aon, NatWest Group.

US Tech 100

US Tech 100 price action appears to be a bullish breakout, supported by a rising trend line and 20, 50 & 200 Day Moving Average. The key trading level is at 15500. The upside is capped by the resistance at 15900 level.  A confirmed breakout above  upside resistance at 15900 could appear Bullish targeting additional upside resistances at 16000 followed by 16100 and 16300 levels. Alternatively a confirmed loss of the current support at 15250 (50 Day Moving Average) could support a bearish outlook targeting additional downside supports at 15090 (20 Day Moving Average)  followed by 14900 levels.

Gold

Gold recent price action appears to be an oversold bounce back, capped by falling trend line. The key trading level is at 1780.00 (50 Day Moving Average). The upside is capped initially by 1820.00 level.  A confirmed breakout higher above additional upside resistance at 1834.00 resistance, could appear Bullish targeting additional upside resistances at  1850.00 followed by 1875.00 levels. Alternatively, a confirmed loss of the current Daily support at 1780.00 (50 Day Moving Average) level could support a bearish outlook targeting additional downside supports at 1764.00 followed by 1750.00 levels.

Philip Konchar