CZECHIA: Budget Data, Manufacturing PMI On Radar
- The Finance Ministry will release April budget data at 13:00BST/14:00CEST. In a recent interview for Mladá fronta Dnes, CNB Governor Ales Michl said that he is not very concerned about the impact of tariffs as he is about excessive government spending, as the former is a temporary shock and the latter is a structural issue.
- Foreign Minister Jan Lipavsky said that the minerals deal between the US and Ukraine suggests that Kyiv is ready to enter peace talks with Russia. On the other hand, Russia continues to stall peace efforts.
- Radio Prague International reported that fuel prices in Czechia fell to the lowest levels in several years, with best-selling petrol being cheapest since September 2021.
- The April reading of Czechia's S&P Global Manufacturing PMI will hit the wires at 08:30BST/09:30CEST.
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Historical bullets
SILVER TECHS: Bullish Trend Structure
- RES 4: $36.560 - 1.236 proj of the Dec 19 - Feb 14 - 28 price swing
- RES 3: $35.463 - 1.000 proj of the Dec 19 - Feb 14 - 28 price swing
- RES 2: $34.903 - High Oct 23 ‘24 and the bull trigger
- RES 1: $34.590 - High Mar 28
- PRICE: $34.731 @ 08:02 BST Apr 2
- SUP 1: $33.408 - 20-day EMA
- SUP 2: $32.665 - Low Mar 21
- SUP 3: $32.591/31.814 - 50-day EMA / Low Mar 11
- SUP 4: $30.815 - Low Feb 28 and key support
Trend conditions in Silver are unchanged, they remain bullish and recent gains reinforce this condition. The metal has breached $34.233, the Mar 18 high and a bull trigger. This confirms a resumption of the uptrend and maintains the price sequence of higher highs and higher lows. Sights are on $34.903, the Oct 23 ‘24 high and a medium-term bull trigger. Initial firm support to watch is $33.408, the 20-day EMA.
USDCAD TECHS: Monitoring Support
- RES 4: 1.4700 Round number resistance
- RES 3: 1.4641 76.4% retracement of the Feb 3 - 14 bear leg
- RES 2: 1.4452/4543 High Mar 13 / 4 and a bull trigger
- RES 1: 1.4415 High Apr 1
- PRICE: 1.4303 @ 07:55 BST Apr 2
- SUP 1: 1.4235 Low Mar 26
- SUP 2: 1.4151 Low Feb 14 and a bear trigger
- SUP 3: 1.4107 50.0% retracement of Sep 25 ‘24 - Feb 3 bull run
- SUP 4: 1.4011 Low Dec 5 ‘24
USDCAD traded sharply lower Tuesday. Attention is on an important short-term support at 1.4235, the Mar 26 low. A clear break of this level would undermine the bull theme and highlight potential for a test of 1.4151, the Feb 14 low and a bear trigger. Note that moving average studies continue to highlight a dominant uptrend. A resumption of gains would refocus attention on the bull trigger at 1.4543, the Mar 4 high.
GILTS: Opening calls
Gilt calls, 91.90/92.14 range.
