RUSSIA: China’s Xi Begins 4-Day Visit to Russia
May-07 07:16
* Chinese President Xi Jinping starts a four-day visit to Russia. Citing the Kremlin press service...
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SILVER TECHS: Impulsive Reversal Wave
Apr-07 07:16
- RES 4: $34.903 - High Oct 23 ‘24 and the bull trigger
- RES 3: $32.947/34.590 - 20-day EMA / High Mar 28
- RES 2: $32.491 - 50-day EMA
- RES 1: $30.815 - Low Feb 28
- PRICE: $29.826 @ 08:15 BST Apr 7
- SUP 1: $28.351 - Intraday low
- SUP 2: $27.686 - Low Sep 6 ‘24
- SUP 3: $27.180 - Low Aug 14 ‘24
- SUP 4: $26.451 - Low Aug 8 ‘24 and a key support
Silver continues to trade in a volatile manner. Last week’s sell-off confirmed a clear reversal of its recent uptrend. The metal has today traded through support at $28.748, the Dec 19 low. A clear break of this level would signal scope for a continued sell-off, towards $27.686, the Sep 6 ‘24 low. Initial resistance to watch is $30.815, the Feb 28 low. The contract is oversold, gains would allow this set-up to unwind.
EQUITIES: Some Impressive Charts in European Equities
Apr-07 07:14
- Some truly Impressive charts in Equities, looking the Cash Estoxx (SX5E) , next immediate support will be seen at the August low of 4473.94.
(Chart source: MNI/Bloomberg).
SWAPS: Front End Of German Curve Leads Spread Widening
Apr-07 07:13
Meaningful German ASW widening early today, a function of the wider risk-off move driven by trade war worries.
- Spreads vs. 3-month Euribor 3.5-9.5bp wider, front end continues to outperform.
- Bund ASW vs. 3-month Euribor back into positive territory for the first time since late December.
- The supply increase projected over the medium-term promotes the continued front end ASW outperformance on rallies.
- We would guess that short liquidation is also factoring into the moves.
