PLN: Better Risk Sentiment Aids Zloty

• The German Bund targets the initial small resistance noted at 128.84, not seen a clear new driver, and the move has mostly been gradual throughout the early trading session.
• In terms of flow, volumes are still on the lighter side and the fade off the highs in Equities has put some impetus in the EGB recovery off their respective lows.
• A clear break through 128.84 would open to the 129.13 gap next.

3x blocks in the SFRV5 96.125/96.1875 call spread with paper paying 5.5 on 15K across those blocks. A further 7.5K lots trade on screen.

The trend condition in WTI futures is unchanged - a bear cycle remains intact short-term gains are considered corrective. The pullback from the Sep 2 high highlights a possible recent reversal and the end of a corrective phase between Aug 13 - Sep 2. Initial resistance to watch is $66.03, the Sep 2 high. Key short-term resistance has been defined at $69.36, the Jul 30 high. A stronger resumption of weakness would open $57.71, the May 30 low. Gold remains in a clear bull cycle and continues to trade at its recent highs. The yellow metal traded to a fresh all-time high once again, last week. The break higher confirms a resumption of the primary uptrend and an extension of the sequence of higher highs and higher lows. The next objective is $3674.8, a Fibonacci projection. Initial firm support lies at $3504.1, the 20-day EMA.

• WTI Crude up $0.26 or +0.41% at $62.94
• Natural Gas up $0.02 or +0.82% at $2.964
• Gold spot up $1.54 or +0.04% at $3644.05
• Copper up $0.35 or +0.08% at $465.5
• Silver up $0.02 or +0.05% at $42.199
• Platinum up $3.49 or +0.25% at $1400.63