GOLD TECHS: Bulls Remain In The Driver’s Seat
- RES 4: $3600.0 - Round number resistance
- RES 3: $3578.0 - 2.000 proj of the Dec 19 - Feb 24 - Feb 28 swing
- RES 2: $3547.9 - 1.764 proj of the Feb 28 - Apr 3 - Apr 7 price swing
- RES 1: $3386.6/3500.1 - High Apr 23 / 22 and the bull trigger
- PRICE: $3308.0 @ 07:20 BST Apr 30
- SUP 1: $3260.4 - Low Apr 23
- SUP 2: $3239.5 - 20-day EMA
- SUP 3: $3167.8 - High Apr 3 and a recent breakout level
- SUP 4: $3088.2 - 50-day EMA
Gold is unchanged and the yellow metal continues to trade below its recent highs. The trend needle points north and the latest move down appears corrective. The retracement has allowed an overbought condition to unwind. Moving average studies are in a bull-mode position highlighting a dominant uptrend. The next objective is $3547.9, a Fibonacci projection. Initial firm support to watch lies at 3239.5, the 20-day EMA.
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BRENT TECHS: (M5) Holding On To The Bulk Of Its Recent Gains
- RES 4: $78.96 - High Jan 15 and a reversal trigger
- RES 3: $76.26 - High Feb 20 and a bull trigger
- RES 2: $74.32 - High Feb 25
- RES 1: $73.49 - High Mar 26
- PRICE: $72.72 @ 07:09 BST Mar 31
- SUP 1: $69.51/67.95 - Low Mar 19 / 5 and the bear trigger
- SUP 2: $67.87 - Low Sep 10 ‘24 and a key medium-term support
- SUP 3: $66.55 1.618 proj of the Jan 15 - Feb 4 - 20 price swing
- SUP 4: $64.26 2.000 proj of the Jan 15 - Feb 4 - 20 price swing
Brent futures are holding on to its recent highs. For now, short-term gains are considered corrective. However, price has breached the 50-day EMA, at $72.43. The clear break of this average signals scope for a stronger recovery and opens $74.32 next, the Feb 25 high. Moving average studies remain in a bear-mode position highlighting a dominant downtrend. The bear trigger lies at $67.95, the Mar 5 low.
EQUITY TECHS: E-MINI S&P: (M5) Sights Are On The Bear Trigger
- RES 4: 5896.39 50-day EMA
- RES 3: 5837.25 High Mar 25 and a key resistance
- RES 2: 5778.68 20-day EMA
- RES 1: 5651.25 Low Mar 21
- PRICE: 5584.50 @ 07:02 BST Mar 31
- SUP 1: 5574.25 Intraday low
- SUP 2: 5559.75 Low Mar 13 and the bear trigger
- SUP 3: 5483.50 2.00 proj of the Dec 6 ‘24 - Jan 13 - Feb 19 swing
- SUP 4: 5396.00 2.236 proj of the Dec 6 ‘24 - Jan 13 - Feb 19 swing
S&P E-Minis traded sharply lower Friday and the contract maintains a softer tone. Attention is on key support and the bear trigger at, 5559.75, the Mar 13 low. A break of this level would confirm a resumption of the downtrend that started Feb 19, and open 5483.30, a Fibonacci projection. Moving average studies are in a bear-mode position, highlighting a dominant downtrend. Key short-term resistance has been defined at 5837.25, the Mar 25 high.
RATINGS: Affirmations On Friday
Sovereign rating reviews of note from after hours on Friday include:
- S&P affirmed the Czech Republic at AA-; Outlook Stable
- Scope Ratings affirmed the United Kingdom at AA; Outlook Stable
