GOLD TECHS: MA Studies Remain In A Bull-Mode Position
- RES 4: $3578.0 - 2.000 proj of the Dec 19 - Feb 24 - Feb 28 swing
- RES 3: $3547.9 - 1.764 proj of the Feb 28 - Apr 3 - Apr 7 price swing
- RES 2: $3435.6/3500.1 - High May 7 / High Apr 22 and bull trigger
- RES 1: $3365.9 - High May 23
- PRICE: $3294.7 @ 07:22 BST May 30
- SUP 1: $3210.6 - 50-day EMA
- SUP 2: $3121.0 - Low May 15 and key support
- SUP 3: $3085.0 - 61.8% retracement of the Apr 7 - Apr 22 upleg
- SUP 4: $3100.0 - Round number support
A bullish theme in Gold remains intact and recent gains signal the end of the corrective phase between Apr 22 - May 15. Medium-term trend signals are bullish too - moving average studies are in a bull-mode position, highlighting a dominant uptrend. A resumption of gains would open $3435.6 next, the May 7 high. Key support and the bear trigger has been defined at $3121.0, the May 15 low.
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STIR: SOFR Mid-Curve Call Fly Blocked
Latest block trade lodged at 07:00:41 London/02:00:41 NY:
- 0QM5 97.00/97.25/97.50 call fly 2.5K lots blocked at 4.0, vs. 97.025, delta 5%. CME email points to a buyer of the wings.
- 7.5K lots trade on screen on the follow.
GOLD TECHS: Bulls Remain In The Driver’s Seat
- RES 4: $3600.0 - Round number resistance
- RES 3: $3578.0 - 2.000 proj of the Dec 19 - Feb 24 - Feb 28 swing
- RES 2: $3547.9 - 1.764 proj of the Feb 28 - Apr 3 - Apr 7 price swing
- RES 1: $3386.6/3500.1 - High Apr 23 / 22 and the bull trigger
- PRICE: $3308.0 @ 07:20 BST Apr 30
- SUP 1: $3260.4 - Low Apr 23
- SUP 2: $3239.5 - 20-day EMA
- SUP 3: $3167.8 - High Apr 3 and a recent breakout level
- SUP 4: $3088.2 - 50-day EMA
Gold is unchanged and the yellow metal continues to trade below its recent highs. The trend needle points north and the latest move down appears corrective. The retracement has allowed an overbought condition to unwind. Moving average studies are in a bull-mode position highlighting a dominant uptrend. The next objective is $3547.9, a Fibonacci projection. Initial firm support to watch lies at 3239.5, the 20-day EMA.
BUNDS: A very busy Day on the Data front
- A 15 ticks range for Bund Overnight (17 ticks post Cash Open) as the Street look forward to a busy day on the Data front, the French GDP already came out inline with consensus, just a 1 tenth beat on the YoY reading as well as a higher revision, but had no impact on the Contract, with more set of Data scheduled.
- A small initial resistance in Bund was seen Yesterday at 131.63, this remains, while the more Important level is still eyed at 132.03.
- Small support moves back up to 131.11, despites the low print of 131.02 on Monday, this is followed by 130.75.
- It is a busy day on the Data front, France, Italy, Portugal prelim CPIs, German Regional/National CPIs, German, EU, Italy prelim GDPs, and plenty out of the US, with ADP, GDP, PCE and MNI Chicago PMI.
- US Treasury Quarterly refunding is also due.
- SUPPLY: UK £4.5bn 2028 (equates to 13.2k) should have limited impact, {ge} Germany 15s, 20s (equates combined 24.9k Bund) should have limited impact.
- SYNDICATION: Portugal 15yr WNG.
- SPEAKERS: ECB Muller, Villeroy, Makhlouf, BoE Lombardelli.
