A slump in German business confidence deepened in June as trade tensions weighed on manufacturers. The drop in the Ifo index took the closely watched gauge to 97.4, its lowest level since late 2014. A gauge of expectations also worsened.
European Central Bank President Mario Draghi last week said he’ll inject fresh monetary stimulus for the euro zone unless the economy improves.
While Bundesbank President Jens Weidmann expects an improvement in Germany in the second half of the year as exports recover, the signs so far remain mixed. A purchasing-managers survey on Friday showed solid growth in services, but manufacturing remained in contraction. Investor confidence in the nation worsened dramatically this month.
The bigger picture doesn’t change as price is hovering in and around monthly supply.
Before going short, need to see price close below the $12000 level first, then a possible pull back…that will be the trade set-up.
This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.