GOLD: Fresh Weekly Lows As USD & Yields Firm
Jul-25 09:08
A firmer USD and higher core global FI yields weigh on gold again today, resulting in fresh weekly lows for spot at $3,344.6.
- Still, our technical analyst notes that the recent short-term weakness is considered corrective at this stage and a bull cycle that started Jun 30 remains intact.
- Resistance at $3,395.1, the Jun 23 high, has recently been cleared. A continuation higher would open $3,451.3, the Jun 16 high.
- Moving average studies remain in a bullish setup.
- Initial firm support to watch is $3,282.8, the Jul 9 low.
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GILT AUCTION RESULTS: Futures hit on soft 15-year gilt auction
Jun-25 09:07
- Disappointing auction with the LAP (lowest accepted price) lower than the intraday low at the time of the auction. This is reflected in the wide 1.0bp tail seen at the auction.
- Price of the 4.375% Jan-40 gilt fell from around 95.11 (after the gilt had moved a bit higher post-bidding window close) to hit a low of 94.960.
- Gilt futures also hit on the auction and challenging the intraday lo of 93.34 seen around the time of the open at writing.
OPTIONS: Expiries for Jun25 NY cut 1000ET (Source DTCC)
Jun-25 09:05
- EUR/USD: $1.1395-00(E1.1bln), $1.1495-00(E4.0bln), $1.1600-10(E995mln)
- USD/JPY: Y143.98-00($1.0bln), Y144.50($1.6bln), Y145.00-10($1.1bln), Y146.00-20($1.3bln), Y148.00($1.0bln)
- GBP/USD: $1.3400(Gbp642mln)
- NZD/USD: $0.6265(N$757mln)
GILT AUCTION RESULTS: 4.375% Jan-40 gilt
Jun-25 09:03
| 4.375% Jan-40 Gilt | Previous | |
| Amount | GBP3.25bln | GBP3.25bln |
| Avg yield | 4.850% | 4.917% |
| Bid-to-cover | 2.88x | 2.58x |
| Tail | 1.0bp | 0.9bp |
| Avg price | 95.065 | 94.339 |
| Low price | 94.965 | 94.253 |
| Pre-auction mid | 95.052 | 94.294 |
| Previous date | 03-Apr-25 |
