JGBS: Futures Roll Lifted

• The German Bund gapped lower Overnight with no signed deal between Iran and Oman yet, as well as Houthis claiming further attacks near the Red Sea.
• The contract failed to test Friday's low at 124.71, managed a 124.80 low Overnight to now trade at the intraday high of 124.97 with Oil slipping back lower.
• Risk is still tilted to the upside for Yields, next support in Bund comes at that 124.42/124.22 Gap initially.
• The Overnight Opening gap is up to 125.08, although the notable initial resistance still resides at 3.05% in Yield (equates to 125.58).
• There are no Tier 1 Data for the session, all eyes are on the US Inflation this Week, starting with the CPI on Wednesday.
• SPEAKERS: Fed Hammack.

• RES 4: $4595.2 - High MAy 29
• RES 3: $4507.1 - 38.2% retracement of the Mar 2 - Jun 30 bear leg
• RES 2: $4382.3 - High Jun 17
• RES 1: $4371.9 - High Aug 7 
• PRICE: $4343.4 @ 07:21 BST Aug 10
• SUP 1: $4194.8/4128.5 - 50- and 20-day EMAs 
• SUP 2: $3996.1/3943.3 - Low Jul 29 / Low Jun 30 and the bear trigger
• SUP 3: $3900.0 - Round number support
• SUP 4: $3886.6 - Low Oct 28 2025

Gold rallied sharply higher last week. The metal breached the upper resistance of a triangle formation, and resistance at the 50-day EMA, at $4194.8. The clear break of the EMA highlights a stronger short-term bull cycle and a possible reversal. Sights are on $4382.3, the Jun 17 high, and further out, $4507.1, a Fibonacci retracement. Key support and the bear trigger lies at $3943.3, the Jun 30 low. 

Sovereign rating reviews of note from after hours on Friday include:

• Moody's affirmed Romania at Baa3, outlook negative
• S&P affirmed Austria at AA+; Outlook Stable
• Scope Ratings affirmed Estonia at A+; Outlook Stable
• Scope Ratings affirmed Latvia at A-; Outlook Stable
• Scope Ratings affirmed Lithuania at A+; Outlook Stable