COMMODITIES: Gold Rebounds, Support Remains Intact

Apr-24 18:31

Spot gold has rebounded by 1.5% today to $3,339/oz, leaving the yellow metal broadly unchanged on the week but still more than 4.5% below Tuesday’s all-time high.
The trend needle in gold continues to point north and this week’s fresh cycle high reinforces bullish conditions. Moving average studies are unchanged and remain in a bull-mode position highlighting a dominant uptrend.
The next objective is $3,547.9, a Fibonacci projection. Initial firm support to watch lies at 3,207.8, the 20-day EMA.
Meanwhile, crude has risen today, after declines yesterday following uncertainty around Kazakhstan’s commitment to OPEC+ targets, potential June OPEC+ output increases, and ongoing US-Iran nuclear talks.
Reports today suggest Iran may be seeking an interim deal, rather than a comprehensive deal within 60 days as the US is seeking.
WTI Jun 25 is up by 0.8% at $62.8/bbl.
Oil prices may see further downside this year on rising production and with demand limited by China’s faltering growth, according to the IEA Executive Director Fatih Birol, cited by Bloomberg.
A bearish theme in WTI futures remains intact and the recovery since Apr 9 is - for now - considered corrective.
A resumption of the bear cycle would open $53.72, a Fibonacci projection. Resistance to watch is $65.84, the 50-day EMA.

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Historical bullets

GBPUSD TECHS: Monitoring Support At The 20-Day EMA

Mar-25 18:30

RES 4: 1.3175 High Oct 4 2024
RES 3: 1.3119 76.4% retracement of the Sep 26 ‘24 - Jan 13 bear leg
RES 2: 1.3048 High Nov 6 ‘24
RES 1: 1.3015 High MAr 20 and the bull trigger
PRICE: 1.2954 @ 16:15 GMT Mar 25
SUP 1: 1.2886 Low Mar 21
SUP 2: 1.2861 20-day EMA
SUP 3: 1.2722 50-day EMA and a short-term pivot support
SUP 4: 1.2556 Low Feb 28

The GBPUSD trend needle continues to point north and the latest shallow pullback appears corrective. Moving average studies are in a bull-mode position, highlighting a clear dominant uptrend. A resumption of gains would pave the way for a climb towards 1.3048, the Nov 6 2024 high. Initial firm support to watch is 1.2861, the 20-day EMA. Clearance of this level would signal scope for a deeper retracement towards the 50-day EMA, at 1.2722.

PIPELINE: Late Corporate Bond Update

Mar-25 18:26

$15.25B to price Tuesday:

Date $MM Issuer (Priced *, Launch #)
03/25 $4.4B #Bausch Health 7NC3 10%
03/25 $3B *MTR $500M 5Y +40, $1B 10Y +58. $1.5B 30Y +70
03/25 $2B #LG Energy $400M 3Y +135, $600M 5Y +145, $300M 5Y SOFR+170, $700M 10Y +170
03/25 $1.75B #Côte d'Ivoire 10y WAL 8.45%
03/25 $1.25B #NWB 3Y SOFR+36
03/25 $1.25B #NDB 3Y SOFR +65
03/25 $1B *MuniFin WNG 5Y SOFR+46
03/25 $1B *JFM 5Y SOFR+64
03/25 $1B #IDB 5Y SOFR+49
03/25 $500M #AerCap WNG +30NC5 6.5%
Expected Wednesday:
03/26 $Benchmark Kingdom of Belgium 10Y SOFR+67a

US: FED Reverse Repo Operation

Mar-25 18:11

RRP usage rebounds to $214.786B this afternoon from $196.565B Monday. Compares to $58.770B (lowest level since mid-April 2021) on February 14. The number of counterparties at 48.

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