GOLD TECHS: Corrective Phase
- RES 4: $4443.8 - 3.618 proj of the May 15 - Jun 16 - 30 price swing
- RES 3: $4404.9 - 3.500 proj of the May 15 - Jun 16 - 30 price swing
- RES 2: $4400.0 - Round number resistance
- RES 1: $4161.4/4381.5 - High Oct 22 / High Oct 20 and bull trigger
- PRICE: $3996.3 @ 07:20 GMT Oct 29
- SUP 1: $3900.0 - 38.2% retracement of the May 15 - Oct 20 bull leg
- SUP 2: $3886.6 - Low Oct 28
- SUP 3: $3819.6 - Low Oct 2
- SUP 4: $3751.3 - 50.0% retracement of the May 15 - Oct 20 bull leg
Gold traded lower Tuesday as it extends the bear cycle that started Oct 20. Note that the trend is overbought and the deeper retracement is allowing this condition to unwind. Support at the 20-day EMA, at $4037.0, has been breached, signalling scope for a deeper retracement, towards the 50-day EMA, at $3842.8. Key resistance and the bull trigger has been defined at $4381.5, the Oct 20 high. Initial resistance is at $4161.4, the Oct 22 high.
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Historical bullets
SONIA OPTIONS: Call Spread vs Put Spread
SFIZ6 96.60/90.75cs vs 96.25/96.15ps, bought the cs for half in 2k (ref 96.38).
EGB OPTIONS: J.P.Morgan Recommend Longs In DUZ5 107.00/107.20 Call Spread
{GE} SCHATZ OPTIONS: J.P.Morgan recommended fading the recent cheapening via going long the DUZ5 107.00/107.20 call spread at 5.75 late on Friday.
- They noted that “front-end yields have risen recently and are close to the highs seen since U.S. tariff announcement in early April. While we favour fading this cheapness, we avoid outright duration exposure given recent momentum and the fact that we see limited near-term catalyst that would push yields sustainably lower”.
SILVER TECHS: Bull Cycle Extends
- RES 4: $49.444 - 3.236 proj of the Sep 4 - 16 - 17 price swing
- RES 3: $49.000 - Round number resistance
- RES 2: $47.857 - 2.618 proj of the Sep 4 - 16 - 17 price swing
- RES 1: $47.251 - 2.382 proj of the Sep 4 - 16 - 17 price swing
- PRICE: $49.921 @ 08:17 BST Sep 29
- SUP 1: $44.601/42.512 - Low Sep 26 / 20-day EMA
- SUP 2: $40.362 - 50-day EMA
- SUP 3: $38.580 - Low Aug 28
- SUP 4: $36.965 - Low Aug 20
Trend signals in Silver remain bullish. The metal has traded higher today as the bull cycle extends. Note that moving average studies are in a bull-mode position too, reinforcing current conditions. Sights are $47.251 next, a 2.382 projection of the Sep 4 - 16 - 17 price swing. Clearance of this level would pave the way for a climb towards $47.857, the 2.618 projection. Initial firm support to watch lies at $42.512, the 20-day EMA.
