EU-BILL AUCTION RESULTS: 3/6/12-month EU-bills

RXF6 129.00/127.50ps, bought for 33 in 2k.

• On the commodity front, a bull cycle in Gold remains intact and last week’s extension reinforces current conditions. The move higher maintains the price sequence of higher highs and higher lows. Sights are on the $4400.00 handle next, and $4404.9, a 3.500 projection of the May 15 - Jun 16 - 30 price swing. Note that the trend is in overbought territory. A move down - a correction - and would allow the overbought set-up to unwind. Support to watch lies at $3986.3, 20-day EMA.
• A bearish theme in WTI futures remains intact and the move down last week reinforces current conditions. Note that moving average studies are in a bear-mode position, highlighting a dominant downtrend. Sights are on $54.89 next, the May 5 low, where a break would open $54.10, the Apr 9 low and a key support. Initial firm resistance is seen at $61.93, the 50-day EMA.

OI data suggests net long cover dominated in SOFR futures on Friday, with some pockets of net short setting seen in the Greens/Blues. SOFR futures moved away from session highs on a combination of easing US/China trade tensions (following less inflammatory rhetoric from President Trump) and cooling fears around regional bank risks.

• Long cover was seen in the Whites, Reds and Greens.
• The largest daily OI change came in the H6 future (-29k change).