GOLD TECHS: MA Studies Still Highlight A Dominant Uptrend
- 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: $3302.4 @ 07:21 BST May 28
- SUP 1: $3284.6/3202.9 - 20- and 50-day EMA values
- 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
Recent gains in Gold signals the end of the corrective phase between Apr 22 - May 15. Medium-term trend signals are unchanged, they remain bullish. Note that moving average studies are in a bull-mode position, highlighting a dominant uptrend. A continuation higher 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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BRENT TECHS: (M5) Monitoring Resistance
RES 4: $77.75 - High Jan 20
- RES 3: $76.26 - High Feb 20
- RES 2: $75.47 - High Apr 2 and a bull trigger
- RES 1: $69.47 - 50-day EMA
- PRICE: $67.26 @ 07:08 BST Apr 28
- SUP 1: $62.00/58.40 - Low Apr 10 / 9 and the bear trigger
- SUP 2: $58.85 - 2.000 proj of the Feb 20 - Mar 5 - Apr 2 price swing
- SUP 3: $56.89 - 2.236 proj of the Feb 20 - Mar 5 - Apr 2 price swing
- SUP 4: $55.00 - Round number support
Brent futures remain in consolidation mode and continue to trade closer to their recent highs. For now, the latest recovery is considered corrective and has allowed a recent oversold condition to unwind. The primary trend direction remains down and a resumption of weakness would open $56.89, a Fibonacci projection. On the upside, the next important resistance to monitor is at the 50-day EMA, at $69.47.
BUNDS: A very busy Week ahead
- A very light Overnight session for the German Bund and very little change, the 132.03 level is still the initial key resistance, followed by the 132.40 gap.
- It will be interesting to see how the price action develops going forward and if the 132.03 level holds, there's a potential for a rising wedge formation (bearish signal).
- To the downside, the support comes at 131.11. Although better is seen at 130.75.
- While today is slow start with no notable release, this Week is packed with Tier 1 Data, while tariffs news will continue to drive cross assets near term.
- SUPPLY: EU €2.5bn 2029 (equates to 19k Bobl), EU 2034, 2038 (equates combined 31.3k Bund) these could somewhat weigh into the bidding deadline.
- SPEAKERS: ECB Rehn, Guindos.
EURJPY TECHS: Sights Are On The Bull Trigger
- RES 4: 165.43 High Nov 8
- RES 3: 164.90 High Dec 30 ‘24 and a key medium-term resistance
- RES 2: 164.55 High Jan 7
- RES 1: 163.76/164.19 High Apr 25 / High Mar 18 and the bull trigger
- PRICE: 163.29 @ 07:15 GMT Apr 28
- SUP 1: 161.37/159.48 50-day EMA / Low Apr 9
- SUP 2: 158.30 Low Apr 7 and key support
- SUP 3: 157.02 76.4% retracement of the Feb 28 - Mar 18 bull cycle
- SUP 4: 155.60 Low Low Mar 4
The recent pullback in EURJPY appears corrective and the trend condition remains bullish. Last week’s gains reinforce this theme. Key S/T support lies at 158.30, the Apr 7 low. A break of it is required to signal scope for a deeper retracement. This would open 157.02, a Fibonacci retracement. First support to watch is 161.37, the 50-day EMA. Attention is on 164.19, the Mar 18 high and a bull trigger. Clearance of this hurdle would resume the uptrend.
