COMMODITIES: Gold Pullback Deemed Corrective
A sharp pullback in Gold yesterday appears corrective - for now. Note that the trend is overbought and a deeper retracement would allow this condition to unwind. Support at the 20-day EMA, at $4031.4, has been pierced. A bearish theme in WTI futures remains intact and the move down last week reinforces current conditions. Note that moving average studies are in a bear-mode position, highlighting a dominant downtrend.
- WTI Crude up $0.97 or +1.69% at $58.21
- Natural Gas down $0.03 or -0.72% at $3.453
- Gold spot down $17.97 or -0.44% at $4106.71
- Copper up $0.7 or +0.14% at $497.15
- Silver down $0.03 or -0.07% at $48.6885
- Platinum down $16.74 or -1.08% at $1530.79
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MONTH-END EXTENSIONS: Early Projections
Bloomberg Bonds projection:
- US Tsys: +0.06yr (small).
- EU Govies: +0.08yr (average).
- UK Govies: 0.00yr (non event).
FOREX: FX OPTION EXPIRY
Of note:
EURUSD 4.97bn between 1.1700/1.1800.
EURUSD 1.66bn at 1.1750 (tue).
EURUSD ~1bn at 1.1750 (wed).
GBPUSD 1.28bn at 1.3500 (wed).
EURUSD 1.3bn at 1.1740/1.1750 (thu).
USDCAD 1.3bn at 1.3795/1.3800 (thu).
EURUSD 1.7bn at 1.1750 (fri).
- EURUSD; 1.1700 (583mln), 1.1720 (626mln), 1.1730 (630mln), 1.1745 (559mln), 1.1770 (461mln), 1.1775 (260mln), 1.1780 (245mln), 1.1790 (465mln), 1.1800 (1.14bn).
- GBPUSD: 1.3500 (393mln).
- USDJPY; 148.35 (350mln).
- USDCAD: 1.3800 (519mln).
- AUDUSD: 0.6600 (547mln).
SONIA OPTIONS: Outright Call Seller
SFIU6 96.90c, sold at 6.75 in 8k.
