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.
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US TSY FUTURES: TY Blocked
Latest block trade lodged at 06:30:20 London/01:30:20 NY:
- TYM5 4,380 lots blocked at 111-01, looks like a buyer.
- DV01 ~$284K.
MNI: TURKEY FEB CPI +2.27% M/M
- MNI: TURKEY FEB CPI +2.27% M/M
GILT TECHS: (M5) Short-Term Structure Remains Bullish
- RES 4: 94.24 2.00 proj of the Feb 20 - 24 minor price swing
- RES 3: 94.00 Round number resistance
- RES 2: 93.83 High Feb 6 and a bull trigger
- RES 1: 93.51 High Feb 26
- PRICE: 93.43 @ Close Feb 28
- SUP 1: 92.72 Low Feb 25
- SUP 2: 92.22 Low Feb 24
- SUP 3: 91.79 Low Feb 20 and a bear trigger
- SUP 4: 91.61 Low Jan 21
A bull cycle in Gilt futures remains intact and the latest pullback appears to have been a correction. The contract traded higher last week and attention is on resistance at 93.39, the Feb 13 high. It has been pierced, a clear break of it would signal scope for a climb towards 93.83, the high on Feb 6 and a bull trigger. On the downside, key short-term support has been defined at 91.79, Feb 20 low. A break of it would highlight a bear threat.
