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Declines in Hong Kong's Hang Seng index are slowing, reports Saxo Bank head of equities strategy Peter Garnry, but the Chinese tech sector continues to sell off, particularly in Shenzhen and on the Shanghai-Shenzhen CSI 300 index.
Squawk / 13 June 2016 at 12:34 GMT
Technical Analyst / FuturesTechs
United Kingdom
Gold bulls are still very much in charge and I wouldn't suggest batting against this move for now. I was fully expecting it to play out like this since we found buyers odwn at 1200-07 at the turn of the month, as per my Saxo TV slot on Payrolls day.

This morning we surged through Friday's 1281 high and have stayed above here since (the low since the initial move has been 1282.5). All the time we're above 1281 we can head to 1306-07, and if this resistance can be seen off we will head to 1380-90.

This is my favoured skew.

Weekly chart below best illustrates that lovely hold of fibonacci support at 1207 and what's been seen since...
Clive Lambert - FuturesTechs Clive Lambert - FuturesTechs
Nice price action that: We went back down to the 1281 level I mentioned... and found buyers...


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