GOLD: 50-day EMA Contains Downside, But TD Securities Warn Against Dip Buying
The 50-day EMA has contained downside in spot gold for now, though TD Securities warn that “everyone wants to buy the dip, but this may not yet be a dip worth buying”.
- Spot is currently up 1.6% on the session at $4,018, after troughing at $3,886.6 yesterday. Gold is currently in a corrective phase, with initial resistance not seen till $4,161.4 (Oct 22 high).
- TD Securities caution that fading central bank inflows, poor risk/reward on so-called dollar debasement trades and the likely lack of large-scale CTA purchases ahead work against a strong recovery in spot gold.
- Meanwhile, they believe “the positioning data currently available from our proprietary models and ETFs only point to limited liquidations thus far”.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
EQUITY OPTIONS: Estoxx Outright Call Buyer
SX5E (19th June) 6150c, bought for 50.50 and 50.60 in 7k.
ITALY: PM's Alliance Gains Momentum w/Marche Win Ahead Of Other Regional Votes
Prime Minister Giorgia Meloni and her governing coalition look set to have received a political boost, with incumbent President of the Marche Region Francesco Acquaroli on course to win a second consecutive term, according to projections published after polling stations closed. Acquaroli, who hails from Meloni's national conservative Brothers of Italy (FdI), became the first directly elected regional president for Marche to hail from the centre-right coalition when he won in 2021. Projections from La Repubblica show Acquaroli's support coming in at 51%, while his challenger, Matteo Ricci from the centre-left Democratic Party, is projected to win 45.6% of the vote.
- The (likely) win in Marche comes at an opportune time for the parties of the centre-right coalition (FdI, Deputy PM Matteo Salvini's right-wing populist Lega, and Foreign Minister Antonio Tajani's centre-right Forza Italia). Regional elections take place in Calabria on October 5-6, in Tuscany on October 12-13, and in Veneto, Campania, and Puglia on November 24-25, and the Marche win could provide some momentum ahead of these contests. Calabria and Veneto are governed by Forza and Lega presidents respectively, while Tuscany, Campania, and Puglia are under the control of the centre-left coalition.
- The other regional election over the weekend, the regionalist Valdostan Union is on course to retain a plurality in Aosta Valley, Italy's smallest and least-populated region.
BUNDS: Block Trade
Bund Block trade, suggest Buyer:
- RXZ5 7k at 128.49.
