BRENT TECHS: (N5) Bear Threat Remains Present
- RES 4: $78.10 - High Jan 15
- RES 3: $75.81 - High Feb 20
- RES 2: $74.63 - High Apr 2 and a bull trigger
- RES 1: $63.94/66.93 - 20- and 50-day EMA values
- PRICE: $61.62 @ 07:00 BST May 8
- SUP 1: $58.00 - Low April 9 and the bear trigger
- SUP 2: $56.29 - 2.236 proj of the Feb 20 - Mar 5 - Apr 2 price swing
- SUP 3: $55.10 - 2.382 proj of the Feb 20 - Mar 5 - Apr 2 price swing
- SUP 4: $54.00 - Round number support
The trend condition in Brent futures remains bearish and recent weakness reinforces current conditions. Last week’s price action confirms recent gains between Apr 9 - 23 as corrective that allowed an oversold condition to unwind. Sights are on $56.29 a Fibonacci projection. On the upside, key resistance to monitor is at the 50-day EMA, at $66.93. Initial resistance is at $63.94, the 20-day EMA.
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BRENT TECHS: (M5) Trading Closer To Its Recent Lows
- RES 4: $77.75 - High Jan 20
- RES 3: $76.26 - High Feb 20
- RES 2: $72.31/75.47 - 50-day EMA / High Apr 2 and a bull trigger
- RES 1: $67.95 - Low Mar 5 and a recent breakout level
- PRICE: $64.83 @ 06:56 BST Apr 8
- SUP 1: $62.51 - Low Apr 7
- SUP 2: $61.97 - 2.236 proj of the Jan 15 - Feb 4 - 20 price swing
- SUP 3: $60.00 - Psychological round number
- SUP 4: $58.26 - 3.000 proj of the Jan 15 - Feb 4 - 20 price swing
Brent futures continue to trade in a volatile manner and the contract remains closer to its recent lows. The move down cancels a recent bullish theme. Price has traded cleared both the 20- and 50-day EMAs. Furthermore, the contract has breached $67.87, the Oct 10 ‘24 low. This signals scope for a continuation towards $61.97, a Fibonacci projection. On the upside, initial firm resistance is seen at $67.95, the Mar 5 low.
GOLD TECHS: Monitoring Support At The 50-Day EMA
- RES 4: $3223.8 - 3.382 proj of the Nov 14 - Dec 12 - 19 price swing
- RES 3: $3200.00 - Round number resistance
- RES 2: $3196.2 - 3.236 proj of the Nov 14 - Dec 12 - 19 price swing
- RES 1: $3055.6/3167.8 - High Apr 7 / 3 and bull trigger
- PRICE: $3005.0 @ 06:59 BST Apr 8
- SUP 1: $2956.7 - Low Apr 7
- SUP 2: $2945.3 - 50-day EMA
- SUP 3: $2880.3 - Low Mar 10
- SUP 4: $2832.7 - Low Feb 28
The trend condition in Gold remains bullish and the latest pull back appears corrective. Moving average studies are in a bull-mode position highlighting a dominant uptrend and positive market sentiment. Price has traded through the 20-day EMA. The next key support to watch lies at 2945.3, the 50-day EMA. A resumption of gains would refocus attention on $3196.2, a Fibonacci projection. The bull trigger is 3167.8, the Apr 3 high.
JAPAN: Akazawa Notes Flexible Policy Response To Tariffs; Nikkei Up ~6%
Latest headlines from Japan's Economic Revitalisation Minister Akazawa (per BBG):
- "*JAPAN'S AKAZAWA: ANALYZING STATS TO ASSESS TARIFF IMPACT"
- "*AKAZAWA: TO CONTINUE FLEXIBLE POLICY RESPONSE TO DEVELOPMENTS"
The Nikkei has rallied ~6% during today's Asia-Pac session, linked to hopes of tariff negotiation between PM Ishiba and the Trump administration after a call yesterday. A reminder that US Tsy secretary Bessent noted after the call that he would "expect that Japan is going to get priority". Tariff-related headline flow, including progress around negotiations, will be a key focus in today's EU/US session too, with the data calendar reasonably light.
