SILVER TECHS: MA Studies Continue To Highlight An Uptrend

• E3bln WNG of the new 7-year Sep-32 RAGB
• Guidance: MS+33 area
• Format: Reg S, Bearer, 144A eligible, CAC
• Settlement: 02 September 2025 (T+5)
• Maturity: 20 September 2032 (7Y)
• Size: EUR 3 billion (Will not grow, excluding potential issuer retention)
• Coupon: TBD, Fixed, Ann., ACT/ACT (Long 1st to 20 September 2026)
• ISIN: AT0000A3NY15
• Bookrunners: BofA / DB(DM/B&D) / Erste Group / HSBC / JPM / Raiffeisen Bank International
• Timing: Books open, today's business

From market source

A big move for Gilt on the Open, some of the calls were 90.90/91.00, it was netting at 90.87, but down 50 ticks and through session lows.

The Dec is still not front Month, but expected to be Today.

Immediate support in G Z5 is at 90.31, while the next Yield levels are still at:

• 4.800% = 89.98.
• 4.921% = 88.93.

• RES 4: $41.064 - 1.764 proj of the Apr 7 - 25 - May 15 swing
• RES 3: $40.285 - 1.618 proj of the Apr 7 - 25 - May 15 swing
• RES 2: $40.000 - Psychological round number
• RES 1: $39.655 - 1.500 proj of the Apr 7 - 25 - May 15 swing    
• PRICE: $38.700 @ 08:03 BST Aug 26
• SUP 1: $37.282/36.216 - 50-day EMA / Low Jul 31 
• SUP 2: $35.285 - Low Jun 24
• SUP 3: $33.940 - 50.0% retracement of the Apr 7 - Jul 23 bull leg  
• SUP 4: $32.958 - Low Jun 2

Trend signals in Silver are unchanged and remain bullish. Prices have recently recovered off support at the 50-day EMA, now at $37.282. A clear break of the average is needed to strengthen a short-term bearish threat and allow for a deeper retracement. This would open $35.285, the Jun 24 low. For bulls, the resumption of gains opens the next objective at $39.655 a Fibonacci projection.