SILVER TECHS: Bulls Remain In The Driver’s Seat
- RES 4: $36.000 - Round number resistance
- RES 3: $34.903 - High Oct 23 ‘24 and the bull trigger
- RES 2: $34.590 - High Mar 28
- RES 1: $33.686/700 - High Apr 25 / Intraday high
- PRICE: $33.197 @ 08:15 BST May 23
- SUP 1: $31.668/651 - Low May 1 / 15
- SUP 2: $30.915/28.351 - Low Apr 11 / 7 and the bear trigger
- SUP 3: $27.686 - Low Sep 6 ‘24
- SUP 4: $27.180 - Low Aug 14 ‘24
A bullish theme in Silver remains intact and this week’s gains reinforce this theme. Key short-term support has been defined at $31.651, the May 15 low. A clear break of this level would signal scope for a deeper retracement and open $30.915, the Apr 11 low. For bulls, resistance to watch is $33.686, the Apr 25 high. It has been pierced, a clear break of it would confirm a resumption of the uptrend.
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Historical bullets
MNI: FRANCE FLASH APRIL MANUF PMI 48.2 (FCAST 47.9, MAR 48.5)
- MNI: FRANCE FLASH APRIL MANUF PMI 48.2 (FCAST 47.9, MAR 48.5)
- FRANCE FLASH APRIL SERVICES PMI 46.8 (FCAST 47.6, MAR 47.9)
GILTS: Aggressive Twist Flattening In Light Of Remit
Curve twist flattens in light of the modest mark lower in the DMO’s gilt issuance remit ahead of the open (twisting driven by short and unallocated buckets seeing an increase in size, as did T-bill issuance, while longs saw a reduction. See previous bullets for greater details).
- Yields 3bp higher to 11bp lower.
- Futures through both yesterday’s highs and initial resistance (92.63), peaking at 92.85 so far.
- Next resistance at 93.00, followed by a Fibonacci retracement (93.44).
- Outperformance vs. Bunds noted in light of the remit, with the 10-Year spread 6bp narrower at 204bp.
- Potential that this morning’s rally is being exacerbated by the unwind of some overnight hedges that looked for an increase in gilt remit size.
- Flash PMIs headline the UK data calendar today, with BoE speak due from Pill (11:30 BST), Bailey (18:15 BST) & Breeden (19:00 BST) due throughout the day.
EGB SYNDICATION: Austria Triple Tranche Tap: Guidance
2.50% Oct-29 RAGB (ISIN: AT0000A3EPP2)
- Guidance: EUR Benchmark Tap MS+20 Area
3.20% Jul-39 RAGB (ISIN: AT0000A3D3Q8)
- Guidance: EUR Benchmark Tap MS+67 Area
3.15% Oct-53 RAGB (ISIN: AT0000A33SK7)
- Guidance: EUR Benchmark Tap MS+98 Area
For all:
- Settlement: April 30, 2025
- Bookrunners: Barclays (B&D), Citi, DB, GS, JPM, RBI
- Timing: May price today
(Details as per BBG)
