 Hello and welcome to CMC Markets on Tuesday the 2nd of September, 2nd of September, where's the year gone? And the weekly market update. Now this week I'm going to revisit something a chart that I looked at last week, namely the Germany or DAX 30. We respected that resistance level very well. Key question now is whether or not we will continue to respect it. Got a big data week this week. We've got a whole host of economic data from the Euro area out from Germany factory orders from services PMIs to the European Central Bank rate meeting and press conference. And I think really the core focus of this week is really going to be about the ECB, whether or not they cut rates further and what Mr Draghi does if anything at his monthly press conference. Also going to look at the improving economic picture in the US. It's also a big data week for the US. We've got non-farm payrolls. We've got ADP payrolls. We've got ISM manufacturing, a whole host of economic indicators to hopefully reinforce the perception that the US economy continues to recover at a fairly good rate of growth. And obviously feeding into that dynamic, the perception that quantitative easing will be finishing as soon as next month. And really then what does that mean for interest rate expectations going forward. So we'll have a look at Dolly N, we'll have a look at Gold which is broken out quite nicely today. And we'll also have a brief look at the pound against the dollar in the context of some of the economic data that we've got coming out later this week as well as the Bank of England rate meeting. So let's start with the Germany 30. Now last week I showed you a chart, a daily candlestick chart of the Germany 30 and a key resistance level on the daily chart. And it's the 61.8 Fibonacci retracement level of the entire down move from the June highs just above 10,000 to the August lows just above 8,900. Now I talked about a potential death cross on the 50 and the 200 day moving average and I also talked about that 61.8 Fibonacci retracement. What we need to see for continued downside pressure to be maintained is for the DAX to remain below 9,620. As long as we stay below that key level then I think the potential further downside certainly remains intact on that particular chart. Obviously the situation in Ukraine is having an effect at the margins. I think what has really surprised me more than anything else is the lack of any impact it is having at the moment on risk assets, particularly stock markets in general, given the fact that it's unlikely to end anytime soon or have a benign outcome. That's certainly being reflected in the gold price. Despite the fact that we've got rising geopolitical risk, gold prices continued to track lower. Now we've broken out of a key trend line support earlier this morning and we can see that on this daily candlestick chart. If we link the lows from the lows this year, we've broken below that trend line from the 2014 lows and we are tracking lower in a downward channel. Now that downward channel, the bottom of that channel is around about $1,240. Now that we've broken below the August lows then there's certainly potential for further losses towards $1,240 and probably below that to around about $1,185 in that smaller downward channel that I've highlighted in red. Now the stronger dollar is also feeding through into a stronger dollar yen and we're once again approaching that key 105, 50, 60 level. Why is that important? It's important because it's 61.8 Fibonacci retracement level from the highs in 2007 at $124.15 to the lows that we saw in 2011 at $75.58. So keep an eye on that 105, 50 level. It's also the highs of this year. It's very, very important in the context of where we go next. If we're able to close the week above $105.60 then we could well see a very sharp move towards $110. So let's quickly wind this up with the pound against the dollar. Now that continues to decline despite the fact that we posted the first positive week in the last eight at the end of last week. Direction of travel still remains lower. We can see that on this chart. We can link the highs from the peaks in July. That currently comes in around about $166.20, $30.00 and we look set to close in on the March lows around about $164.60 and then on obviously the lows this year which currently come in around about $160.40. All eyes really much on the Bank of England rate meeting. I'm not expecting any surprises from that meeting. Once again I think what's going to be driving the pound against the dollar in particular is the strength of the dollar and maybe some concerns on the margin about the narrowing Scottish independence vote. So on that note that concludes this week's weekly market update. Just a quick reminder of this Friday's non-farm payrolls webinar. You can sign up for that down here. I will be once again hosting that along with my colleague from Toronto Colin Szynski and we'll talk you through the various numbers. Look at the key levels on the charts and try and pick a direction for the moves.