SILVER TECHS: Northbound
- RES 4: $60.852 - 1.382 proj of the Oct 28 - Nov 13 - 21 price swing
- RES 3: $60.000 - Psychological round number
- RES 2: $59.563 - 1.236 proj of the Oct 28 - Nov 13 - 21 price swing
- RES 1: $58.979 - High Dec 3
- PRICE: $58.228 @ 08:17 GMT Dec 5
- SUP 1: $53.546 - 20-day EMA
- SUP 2: $50.215/45.557 - 50-day EMA / Low Oct 28
- SUP 3: $41.135 - Low Sep 17
- SUP 4: $38.087 - Low Aug 27
Trend signals in Silver remain bullish - price has traded to a fresh all-time high this week. This confirms a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. The move above $55.00 signals scope for a climb towards $59.563 next, a Fibonacci projection. Sights are also on the $60.00 psychological handle. Initial support lies at $53.546, the 20-day EMA.
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EGBS: Bunds Better Bid Overnight, But Fade Through European Open
- Bund futures posted a decent trading range across the APAC session and through the European cash open, helping trigger some early volatility for European equities. Futures markets are lower on the continent, with DAX and Eurostoxx 50 futures underperforming - off 0.7% apiece - however weakness appears contained for now.
- Softer equities come on the back of further concerns over valuations in the tech sector, with follow-through selling in Palantir shares (down 3% at the close) a nominal trigger, helping lead global markets since the beginning of the week.
- US stock futures are similarly off lows - helping drag Bunds and Treasuries off their respective highs into early European trade. Technically, this leaves support in focus for Bunds into 129.13 - a level pierced on Monday - but not cleanly broken for now. Any further equity weakness could instead prompt a test of resistance, today crossing at 129.73.
DATA: Private sector data is in focus for the US today given the extended government shutdown. US ADP Employment Change will be seen as a proxy for NFP, while ISM Services and the Treasury Quarterly Refunding announcement could prove key. Services PMIs will be final readings for France, Germany, EU, UK and the US.
SUPPLY: Germany look to sell 15s, 20s (equating to a combined 25k Bund) which could weigh into the bidding deadline.
MNI: SPAIN OCT SERV PMI 56.6 (54.5 FCAST, 54.3 SEP)
- MNI: SPAIN OCT SERV PMI 56.6 (54.5 FCAST, 54.3 SEP)
SILVER TECHS: Support Intact For Now
- RES 4: $56.153 2.500 proj of the Aug 20 - Sep 16 - 17 price swing
- RES 3: $55.444 2.382 proj of the Aug 20 - Sep 16 - 17 price swing
- RES 2: $55.000 - Round number resistance
- RES 1: $49.456/54.480 - High Oct 23 / 17 and the bull trigger
- PRICE: $47.917 @ 08:09 GMT Nov 5
- SUP 1: $46.089/45.557 - 50-day EMA / Low Oct 28
- SUP 2: $41.135 - Low Sep 17
- SUP 3: $40.000 - Round number support
- SUP 4: $38.087 - Low Aug 27
Trend signals in Silver are unchanged, they remain bullish and recent weakness is considered corrective. The trend has recently been in overbought territory and the retracement has allowed this to unwind. Support to watch lies at the 50-day EMA, at $46.089. It remains intact, however, a break would signal scope for a deeper retracement. Key resistance has been defined at $54.480, the Oct 17 high. Initial resistance is $49.456, Oct 23 high.
