Mike van Dulken, Head of Research for Accendo Markets, joined Tip TV in today’s Finance Show to discuss the technical outlook for Copper, USD, Oil, and Gold prices.
On Trading, Dulken states that although stock picking is a difficult game it is essential to encourage the clients to see the bigger picture by offering them a range of ideas.
FTSE 100
On the footsie, Dulken notes that investors were interested in the index after it got back above the 6000 levels. He adds that the index is trading flat now, seeing a breather.
Copper – have we found a bottomed?
Looking at the technical charts for Copper, Dulken states that fall was related to the China story, and the previous bottom in the metal has not formed a double bottom yet.
USD: Fed communication key
On the dollar, Dulken believes that the Fed communication is key for the movement in the greenback. The US nonfarm payrolls has destroyed the near term rate rise expectations and is raising doubts in the US employment story. He adds that weakness ahead in the jobs data might throw the rate hike expectations far into 2016.
Oil: On oil, Dulken sees upside potential towards $54 if the black gold breaks above $50.5
Gold: Upside ahead?
Looking at the daily charts for Gold, Dulken cautions about the falling resistance line all the way back to February. The precious metal has struggled to rise above $1140.
On the 4 hour charts, Dulken comments on the upside potential in the yellow metal on a break above $1150.