GOLD TECHS: Breaches Support
- RES 4: $3578.0 - 2.000 proj of the Dec 19 - Feb 24 - Feb 28 swing
- RES 3: $3547.9 - 1.764 proj of the Feb 28 - Apr 3 - Apr 7 price swing
- RES 2: $3435.6/3500.1 - High May 7 / High Apr 22 and bull trigger
- RES 1: $3277.6/3347.5 - 20-day EMA / High May 9
- PRICE: $3189.3.5 @ 14:31 BST May 14
- SUP 1: $3175.2 - Intraday low
- SUP 2: $3164.5/64.3 - 50-day EMA / 61.8% of Apr 7 - Apr 22 upleg
- SUP 3: $3100.0 - Round number support
- SUP 4: $3071.5 - Low Apr 10
A corrective cycle in Gold remains in play and the metal has traded lower today. A key support at $3202.0, the May 1 low has been breached. A clear break of this level would signal scope for a deeper retracement, towards $3164.3, 61.8% of the Apr 7 - Apr 22 upleg. Note that the 50-day EMA is at $3164.5 - a key support too. A breach of both points would undermine a short-term bullish theme. Initial resistance is $3277.6, the 20-day EMA.
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EQUITIES: US Opening calls
SPX: 5,465.3 (+1.9%); DJIA: 40,789 (+1.4%/+577pts); NDX: 19,120.3 (+2.3%).
EQUITY TECHS: E-MINI S&P: (M5) Corrective Cycle
- RES 4: 5906.75 High Mar 6
- RES 3: 5837.25 High Mar 25 and the reversal trigger
- RES 2: 5724.13 50-day EMA
- RES 1: 5512.18 20-day EMA
- PRICE: 5479.50 @ 14:10 BST Apr 14
- SUP 1: 5098.16 61.8% retracement of the Apr 7 - 10 bounce
- SUP 2: 4832.00 Low Apr 7 and the bear trigger
- SUP 3: 4760.88 1.618 proj of the Feb 19 - Mar 13 - 25 price swing
- SUP 4: 4663.75 1.764 proj of the Feb 19 - Mar 13 - 25 price swing
A short-term reversal in S&P E-Minis last week highlights the start of a corrective cycle. The trend condition has been oversold following recent weakness and the move higher is allowing this set-up to unwind. Initial resistance to watch is 5524.91, the 20-day EMA. Resistance at the 50-day EMA is at 5737.71. On the downside, key support and the bear trigger has been defined at 4832.00, the Apr 7 low.
EQUITIES: EU Bank outright call buyer
SX7E (20th June) 180c, bought for 4.25 in 12k vs 3.84k at 168.00.
