SILVER TECHS: Northbound

Germany, France, Spain, Belgium, Finland and Italy are scheduled to sell bills this week. We expect issuance to be E28.8bln in first round operations, up from E27.1bln last week.

• This morning, Germany will look to sell E3bln of the 3-month Feb 18, 2026 Bubill alongside E3bln of the 9-month Aug 19, 2026 Bubill.
• This afternoon, France will look to come to the market with up to a combined E7.5bln of 14/27/39/51-week BTFs: E2.8-3.2bln of the new 14-week Feb 18, 2026 BTF, E1.4-1.8bln of the 27-week May 20, 2026 BTF, E0.3-0.7bln of the 39-week Aug 12, 2026 BTF, and E1.4-1.8bln of the 51-week Nov 4, 2026 BTF.
• Tomorrow morning, Spain will look to sell  3-month Feb 6, 2026 letras and 9-month Aug 7, 2026 letras. The auction size range will be announced this afternoon.
• Also tomorrow morning, Belgium will look to issue a combined E2.0-2.4bln of TCs: an indicative E0.8bln of the 3-month Feb 12, 2026 TC and an indicative E1.6bln of the new 12-month Nov 12, 2026 TC.
• Bringing tomorrow's issuance to an end, Finland will look to come to the market with a combined E2.0bln of the 6-month May 13, 2026 RFTB and the 9-month Aug 13, 2026 RFTB.
• To conclude issuance for the week on Wednesday, Italy will look to sell E8.5bln of the new 12-month Nov 13, 2026 BOT.

• RES 4: 107.348 50.0% retracement of Apr 7 - Sep 25 bear leg (cont) 
• RES 3: 107.320 High Oct 17 and the bull trigger 
• RES 2: 107.235 High Oct 22 
• RES 1: 107.094/175 50-day EMA / High Oct 24   
• PRICE: 107.015 @ 05:58 GMT Nov 10
• SUP 1: 107.010 Low Oct 30 and the bear trigger   
• SUP 2: 106.995 Low  Oct 8   
• SUP 3: 106.965 Low Oct 6
• SUP 4: 106.920 Low Sep 25 and a key support  

Schatz futures are trading at their recent lows. A short-term bear cycle remains intact - for now. The downleg that started Oct 17 is considered corrective and has allowed a recent overbought trend condition to unwind. Note that 107.014, 76.4% of the Sep 25 - Oct 17 bull leg and the next important support, has been pierced. A clear break of it would signal scope for a deeper retracement. Initial resistance is at 107.094, the 50-day EMA.

• RES 4: 1.3471 High Oct 17 and a key short-term resistance    
• RES 3: 1.3340 50-day EMA   
• RES 2: 1.3237 20-day EMA
• RES 1: 1.3175 High Nov 7  
• PRICE: 1.3153 @ 06:25 GMT Nov 10
• SUP 1: 1.3010 Low Nov 4 and 5 and the bear trigger 
• SUP 2: 1.2971 1.382 proj of the Sep 17 - 25 - Oct 1 price swing
• SUP 3: 1.2945 50.0% retracement of the Jan 13 - Jul 1 bull leg
• SUP 4: 1.2877 1.618 proj of the Sep 17 - 25 - Oct 1 price swing          

A bear trend in GBPUSD remains intact and the latest recovery appears corrective. The move higher is allowing an oversold trend condition to unwind. Firm short-term resistance to watch is at the 20-day EMA, at 1.3237. A break of this hurdle would signal scope for an extension towards the 50-day EMA, at 1.3340. A resumption of the downtrend would pave the way for an extension towards 1.2971. The bear trigger is 1.3010, the Nov 4 and 5 low.