GOLD TECHS: Corrective Phase

SFIZ6 96.60/90.75cs vs 96.25/96.15ps, bought the cs for half in 2k (ref 96.38).

{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”. 

• 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.