OAT: Basis trade

EUREX Roll Pace (as of Monday): Yesterday saw a huge amount of spread trading as the UK came back from their Bank Holiday and some Investors likely favouring rolling Sep positions into Dec ahead of Friday's NFP. 

Yesterday's OI will update later this afternoon.

• UBA: 35%.
• RXA: 20%.
• OEA: 40%.
• DUA: 45%.
• IKA: 18%.
• BTS: 13%.
• OAT: 34%.

• RES 4: $76.158 - 61.8% retracement of the May 13 - Jul 17 bear leg
• RES 3: $74.131 - High Jun 5
• RES 2: $72.076 - 50.0% retracement of the May 13 - Jul 17 bear leg
• RES 1: $71.142 - High Aug 28         
• PRICE: $64.099 @ 08:23 BST Sep 02
• SUP 1: $62.029 - 61.8% retracement of the Jul 17 - Aug 28 bull leg
• SUP 2: $54.778 - Low Jul 17 and bear trigger 
• SUP 3: $52.577 - 1.000 proj of the Mar 2 - 23 - May 13 price swing
• SUP 4: $50.000 - Psychological round number

The current bull cycle in Silver remains intact. While the latest pullback appears corrective, it is worth noting that price has traded through support around the 50-day EMA, at $64.638. A clear break of the EMA would signal scope for a deeper retracement and open $61.029, a Fibonacci retracement point. Key short-term resistance has been defined at $71.142, the Aug 28 high. A break of this hurdle would confirm a resumption of the recent bull leg.

"FOUR REVOLUTIONARY GUARDS AEROSPACE FORCE MEMBERS KILLED IN U.S. STRIKES IN WESTERN IRAN - SNN" - RTRS