BUND TECHS: (M5) Trend Needle Points North

• 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.

• RES 4: 1.4700 Round number resistance
• RES 3: 1.4641 76.4% retracement of the Feb 3 - 14 bear leg
• RES 2: 1.4452/4543 High Mar 13 / 4 and a bull trigger
• RES 1: 1.4415 High Apr 1   
• PRICE: 1.4303 @ 07:55 BST Apr 2
• SUP 1: 1.4235 Low Mar 26    
• SUP 2: 1.4151 Low Feb 14 and a bear trigger  
• SUP 3: 1.4107 50.0% retracement of Sep 25 ‘24 - Feb 3 bull run
• SUP 4: 1.4011 Low Dec 5 ‘24

USDCAD traded sharply lower Tuesday. Attention is on an important short-term support at 1.4235, the Mar 26 low. A clear break of this level would undermine the bull theme and highlight potential for a test of 1.4151, the Feb 14 low and a bear trigger. Note that moving average studies continue to highlight a dominant uptrend. A resumption of gains would refocus attention on the bull trigger at 1.4543, the Mar 4 high. 

Gilt calls, 91.90/92.14 range.