GOLD TECHS: Bull Cycle Remains In Play
- RES 4: $3547.9 - 1.764 proj of the Feb 28 - Apr 3 - Apr 7 price swing
- RES 3: $3500.1 - High Apr 22 and bull trigger
- RES 2: $3451.3 - High Jun 16
- RES 1: $3438.9 - Intraday high
- PRICE: 3422.8 @ 07:30 BST Jul 23
- SUP 1: $3350.8 - 20-day EMA
- SUP 2: $3282.8/3248.7 - Low Jul 9 / Low Jun 30 and the bear trigger
- SUP 3: $3204.7 - Low May 20
- SUP 4: $3121.0 - Low May 15 and key support
A bull cycle in Gold that started Jun 30 remains intact, and this week's gains mark an extension of the recovery. $3395.1, the Jun 23 high, has been cleared. A continuation higher would open $3451.3, the Jun 16 high. Note that moving average studies are in a bull-mode position highlighting a dominant uptrend. The bear trigger is $3248.7, the Jun 30 low. An initial firm support to watch is 3282.8, the Jul 9 low.
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EURGBP TECHS: Holding On To Its Gains
- RES 4: 0.8648 76.4% retracement of the Apr 11 - May 29 downleg
- RES 3: 0.8624 High Apr 21
- RES 2: 0.8592 61.8% retracement of the Apr 11 - May 29 downleg
- RES 1: 0.8575 Intraday high
- PRICE: 0.8569 @ 07:26 BST Jun 23
- SUP 1: 0.8488/8465 20- and 50-day EMA values
- SUP 2: 0.8407/8356 Low Jun 4 / Low May 29 and the bear trigger
- SUP 3: 0.8327 1.382 proj of the Apr 11 - 16 - 21 price swing
- SUP 4: 0.8316 Low Mar 28 and a key support
A bullish theme in EURGBP remains intact and the cross is holding on to its gains. The recent breach of the 50-day EMA highlighted a stronger reversal. This signals scope for a climb towards 0.8592 next, a Fibonacci retracement. On the downside, support to watch lies at 0.8465, the 50-day EMA. Clearance of this level would instead highlight a possible reversal. Support at the 20-day EMA is at 0.8488.
BUNDS: Edging lower into the Cash Open, PMIs are in Focus
- Bund is overall steady going into the Cash session despite the Spike close to $80 in WTI Overnight, printed a $78.40 high, and is now looking at closing the Opening gap, down to $74.05.
- There were reports on Friday that an Attack an Iran could happen over the Weekend when Markets were closed.
- The German Bund just tested below the Support seen on Friday at 130.73, and is slowly printing new intraday lows.
- The Key downside level in Future still resides at the 2.60% Yield level, equated circa 130.12 on Friday.
- Resistance is at 131.28 despite printing a 131.33 high Friday.
- Services PMIs are at the forefront Today, but by how far they can move the Markets remains to be seen given that Geopolitical Wars and Tariffs are the immediate concerns going Forward, the 9th July Tariff deadline is also fast approaching.
- SUPPLY: EU 2029, 2035, 2051, Belgium 5s, 10s, 15s, these could somewhat weigh into respective duration.
- SPEAKERS: ECB Lagarde, Nagel, Fed Waller, Bowman, Goolsbee, Williams, Kugler.
EUROSTOXX50 TECHS: (U5) Bear Cycle Remains In Play
- (U5) Bear Cycle Remains In PlayRES 4: 5486.00 High May 20 and a key bull trigger
- RES 3: 5456.00 High Jun 11
- RES 2: 5403.00 High Jun 12
- RES 1: 5343.47 20-day EMA
- PRICE: 5222.00 @ 07:05 BST Jun 23
- SUP 1: 5194.00 Intraday low
- SUP 2: 5182.00 Low May 2
- SUP 3: 5100.94 38.2% retracement of the Apr 7 - May 20 bull leg
- SUP 4: 5078.00 Low Apr 30
A short-term bear cycle in Eurostoxx 50 futures remains intact and the contract has traded to a fresh low today. Recent weakness has resulted in a breach of the 50-day EMA. Price has also traded through 5279.00, the May 23 low. The clear break of both support points signals a S/T top and scope for a deeper retracement. Sights are on 5182.00, the May 2 low and 5100.94, a Fibonacci retracement. Initial resistance is 5343.47, the 20-day EMA.
