GOLD: A three-candle evening star chart pattern this week with a small shooting star at its centre suggests an interim high is in place. Chart & Levels from Analyst, Nicole Elliott – Investors Chronicle.

 

GOLD SHORT TERM TRADER: New short at 1326; stop above 1350. First target 1300.

GOLD POSITION TAKER: Square.

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Chuffed UK Chancellor January’s record surplus

Data from the Office for National Statistics yesterday said that January 2018 saw a record £14.9 billion surplus to government borrowing, a £5.6 billion increase from this time last year. This puts the budget deficit so far in this fiscal year at £21.2 billion, its smallest gap since 2001 and £18.5 billion less than last year. Driven by self-assessment of combined income and capital gains tax, these total receipts stood at £21.4 billion, up £3.1 billion since this time last year. City AM reports that an economist at PwC noted that ‘public finances have been immune to the adverse effects of Brexit-related uncertainty’ and that ‘earnings from employment and consumer spending held up better in the last 10 months’.

A slew of purchasing managers’ indices produced yesterday by HIS Markit showed that manufacturing production in the Eurozone fell with the economy stagnating in February. Manufacturing in Germany dropped to 47.6, a second consecutive reading below 50, taking that for the Eurozone as a whole to 49.2.

Financial Markets and Political Commentary
 

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