08:30am  Back in the UK early this morning after my short holiday I have a few family-related things to do today so no trading for me until tomorrow. If you are watching your charts today I wish you a successful day on the markets.

Market Update:

While I’ve been away equity markets have surged ahead with the main U.S. S&P-500 index reaching another new record high at 2193.70 on the back of rising oil prices even though we are now in the summer holiday period when most traders are away from their screens and volumes are low. The overnight Asian trading session did not carry on this optimistic sentiment though with all major indices closing negatively as the Japanese Yen surged higher and this morning’s European open is largely down as well currently.

Over the past week Gold has been trading in an ever decreasing channel which I will highlight to subscribers in my Trade-Alert email later this morning (Contact me for a chart if you’re not a subscriber) and is now well off the high of $1375 reached at the beginning of July, although this morning the daily chart is looking quite bullish.

The rising oil price is helping equities markets and since the bullish price reversal at the beginning of August when the U.S. WTI Crude was at $39.20 it has risen slowly to $45.70 at the moment and is now heading towards its next resistance area at $46.75.