SCHATZ TECHS: (M5) Bull Cycle Remains In Play

• Treasuries are starting to get dragged higher, European Govies lead, as Bund closed its Opening gap earlier.
  The Immediate area of interest for Bund is still at 129.54/129.60.
• For the US Tnotes (TYH5), while the March high is at 112.01, the March and the 2025 low in the 10yr Yield of 4.1040%, would equate today to 112.03+.
• US Emini is starting to tilt to the downside.
• USDJPY is paring some gains taking its cue from the move in Yields.

Tsys supported by the early downtick in European equities, with the impending “Liberation Day” tariff announcements out of the U.S. front of mind.

• Yields back to little changed on the day, with the Asia-Pac weakness, driven by reports pointing to Trump considering some slightly more lenient tariffs, reversed.
• TY futures comfortably within yesterday’s range.
• A screen buying programme across TU, FV & TY futures ahead of the European cash equity open plays into the bid.

• RES 4: $36.560 - 1.236 proj of the Dec 19 - Feb 14 - 28 price swing
• RES 3: $35.463 - 1.000 proj of the Dec 19 - Feb 14 - 28 price swing
• RES 2: $34.903 - High Oct 23 ‘24 and the bull trigger 
• RES 1: $34.590 - High Mar 28                                   
• PRICE: $34.731 @ 08:02 BST Apr 2    
• SUP 1: $33.408 - 20-day EMA            
• SUP 2: $32.665 - Low Mar 21 
• SUP 3: $32.591/31.814 - 50-day EMA / Low Mar 11 
• SUP 4: $30.815 - Low Feb 28 and key support

Trend conditions in Silver are unchanged, they remain bullish and recent gains reinforce this condition. The metal has breached $34.233, the Mar 18 high and a bull trigger. This confirms a resumption of the uptrend and maintains the price sequence of higher highs and higher lows. Sights are on $34.903, the Oct 23 ‘24 high and a medium-term bull trigger. Initial firm support to watch is $33.408, the 20-day EMA.