METALS: A new all time record high for Platinum

• RES 4: $4404.9 - 3.500 proj of the May 15 - Jun 16 - 30 price swing
• RES 3: $4381.5 - High Oct 20 and bull trigger
• RES 2: $4264.7 - 76.4% retracement of the Oct 20 - 28 correction 
• RES 1: $4132.9/4245.2 - High Nov 19 / 13                    
• PRICE: $4054.8 @ 07:20 GMT Nov 24 
• SUP 1: $3952.9 - 50-day EMA 
• SUP 2: $3886.6 - Low Oct 28 and a reversal trigger
• SUP 3: $3800.00 Round number support 
• SUP 4: $3760.9 - Low Sep 29 

The downleg in Gold between Oct 20 and 28 appears to have been a correction and allowed a recent overbought condition to unwind. The recovery since Oct 28 does suggest that correction is over. Key support to watch lies at the 50-day EMA, at $3952.9. Clearance of this EMA would signal scope for a deeper retracement. The first short-term bull trigger has been defined at $4245.23, the Nov 13 high.

The main news from the weekend surrounds a piece Reeves wrote in The Times, more details on the mansion tax / council tax reform, an extension of the Electric Car Grant, an announcement that regulated rail fares will be frozen in 2026 and higher estimated revenues from the limits to salary sacrifice NIC exemptions. Note that we published the MNI Budget Preview on Friday, see the full document here.

• Chancellor Reeves wrote a piece in The Sunday Times which she called "How my budget will tackle inflation and help growth". She notes that change "will require us to reform our welfare system." She goes on to say "reform and control on spending alone aren't enough to grip inflation... it will require direct action by this government... and at the budget I will set out how we will act to ease the cost of living for all households." She then goes on to list policies already announced: frozen prescription costs, free breakfast clubs for kids and the freeze on regulated rail fares (announced over the weekend - more on that to follow). Full piece here.
• This morning's Times headlines with more details on the planned mansion tax / council tax reform. It states that around GBP400-450mln will be raised (down from the GBP600mln+ previously estimated) noting that the plans have been "pared back" and will involve revaluing properties across bands F, G and H but a surcharge will only apply to properties valued at GBP2mln+ rather than GBP1.5mln+. The article notes that this would apply to 300,000 households with an average surcharge of GBP4,500. Full article here.

• RES 4: $71.45 - 76.4% retracement of the Jun 23 - Oct 20 bear leg  
• RES 3: $70.69 - High Jul 30
• RES 2: $69.29 - High Sep 26 and a key resistance 
• RES 1: $65.95 - High Oct 24 
• PRICE: $62.60 @ 07:06 GMT Nov 24
• SUP 1: $59.97 - Low Nov 20 and the bear trigger  
• SUP 2: $58.72 - Low May 5
• SUP 3: $57.99 - Low Apr 9 and a key support
• SUP 4: $56.05 - 2.00 proj of the Jul 30 - Aug 13 - Sep 26 price swing 

A sell-off on Nov 12 in Brent futures and last week’s move down, highlight a bearish development. A stronger resumption of weakness would expose key support and the bear trigger at $59.97, the Oct 20 low. Clearance of this level would confirm a resumption of the bear cycle. Note it is still possible that a bullish corrective cycle remains in play. A move above resistance at $65.95, the Oct 24 high, would signal scope for a stronger recovery near-term.