GOLD TECHS: Bullish Outlook
- 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: $3347.5 - High May 9
- PRICE: $3329.7 @ 07:25 BST May 22
- SUP 1: $3265.1/3121.0 - 20-day EMA / Low May 15
- SUP 2: $3085.0 - 61.8% retracement of the Apr 7 - Apr 22 upleg
- SUP 3: $3100.0 - Round number support
- SUP 4: $3023.7 - 1.382 proj of the Apr 22 - May 1 - May 7 price swing
Gold has recovered from its recent lows and is again trading higher, today. The climb signals the end of the corrective phase between Apr 22 - May 15. Medium-term trend signals remain bullish - moving average studies are in a bull-mode position highlighting a dominant uptrend. A continuation would open $3435.6 next, the May 7 high. Key support and the bear trigger has been defined at $3121.0, the May 15 low.
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BTP TECHS: (M5) Bullish Outlook
- RES 4: 120.65 1.382 proj of the Mar 14 - Apr 4 - 9 price swing
- RES 3: 120.39 High Feb 28
- RES 2: 120.12 High High Mar 4
- RES 1: 119.69 High Apr 17
- PRICE: 119.53 @ 07:08 BST Apr 22
- SUP 1: 118.25 20-day EMA
- SUP 2: 117.28 Low Apr 10
- SUP 3: 116.06 Low Apr 9
- SUP 4: 115.75 Low Apr 14 and a bear trigger
BTP futures rallied sharply higher last week. The rally resulted in a break of resistance at 119.07, the Apr 4 high. The breach confirms the end of the Apr 4 - 9 correction and cancels a recent bearish threat. Note too that, 119.29, 76.4% of the Feb 28 - Mar 14 bear leg, has been cleared - a bullish development. This opens 120.12, the Mar 4 high. Initial support to watch lies at 118.25, the 20-day EMA.
RATINGS: S&P Upgraded Greece On Friday, Italy Affirmed At DBRS
Sovereign rating reviews of note from after hours on Friday include:
- S&P upgraded Greece to BBB; Outlook Stable
- Morningstar DBRS confirmed Italy at BBB (high), Positive Trend
BUNDS: US Assets are under pressure
- Considering some of the wider moves in FX and US Treasuries, the German Bund is having a steadier overnight session.
- Trump repeated attacks on Fed Chair Powell to lower rates has been driving the latest Safe Haven moves Yesterday, with Investors favouring selling US Assets.
- Fed Powell had previously noted that his immediate concern remains on inflationary risks.
- The German curve will be steeper when it is quoted, as the 5yr and 2yr (Bobl, Schatz) futures outperform post Cash open.
- Main initial resistance in Bund is at 132.03, while small initial support is seen at 131.42, followed by 130.75.
- There are no notable Data for the session, focus this Week is on Tomorrow's PMIs.
- SUPPLY: Germany €5bn Schatz (Equates to 52.57k Schatz) will weigh. US Sells $69bn of 2yr Notes.
- SPEAKERS: ECB Lagarde, Guindos, Knot, Fed Jefferson, Harker, Kashkari, Barkin, Kugler.
