TURKEY: Credit Access a Key Focus; Rent Prices Ripping Higher

While bonds have ticked away from yesterday’s lows, ING find it “difficult to find factors that would bring a halt to the strong upward momentum in 30-Year global rates from a structural perspective. The fiscal concerns are broad-based, with Japan, the U.S. and UK worrying investors. Then we have quantitative tightening continuing in the background, adding interest rate risk to absorb for the market. More niche stories like the Dutch pension reforms are not helping either and reduce demand for longer-dated swaps and bonds”.

Bund block trade suggest seller:

• RXU5 4.2k at 129.80.

• RES 4: $39.026 - 1.382 proj of the Apr 7 - 25 - May 15 swing
• RES 3: $38.246 - 1.236 proj of the Apr 7 - 25 - May 15 swing
• RES 2: $38.000 - Round number resistance 
• RES 1: $37.317 - High Jun 18 and the bull trigger   
• PRICE: $36.594 @ 08:14 BST Jul 9  
• SUP 1: $36.198 - 20-day EMA
• SUP 2: $35.085/31.651 - 50-day EMA / Low May 15
• SUP 3: $30.915/28.351 - Low Apr 11 / 7 and the bear trigger  
• SUP 4: $27.686 - Low Sep 6 ‘24  

Trend conditions in Silver are unchanged, a bull cycle remains intact. The metal has recently traded through resistance at $34.903, the Oct 23 ‘24 high and a key bull trigger. The break of it marks an important medium-term bullish development. Sights are on the $38.00 handle next. On the downside, initial support to watch lies at $36.198, the 20-day EMA. It has been pierced, a clear break of it would open $35.085, the 50-day EMA.