HUNGARY: Oil Flows to Hungary via Druzhba Pipeline Resumes
- Oil flow to Hungary from Russia through the Druzhba pipeline resumed after a Ukrainian drone strike caused a brief halt, foreign minister Peter Szijjarto said. “The Russian system operator repaired the damage,” he said in a post on Facebook, adding that “Crude oil transportation to Hungary resumed.” Note that Hungary, Slovakia and the Czech Republic are the last EU countries that are still permitted to import piped oil from Russia as they received an exception from EU sanctions.
- Mercedes-Benz Group's Hungarian plant expansion will start production in early 2026, Szijjarto said in Stuttgart yesterday, according MTI. The plant expansion will double Mercedes-Benz’s production capacity in Hungary, according to the minister.
- Central bank Governor Mihaly Varga is scheduled to speak at a ceremonial event in Budapest at 09:00GMT/10:00CET. Later today, the NBH will publish the minutes of its last rate-setting meeting (see our review of that decision here).
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SILVER TECHS: Bullish Trend Condition
- RES 4: $34.903 - High Oct 23 and the bull trigger
- RES 3: $33.450 - 76.4% of the Oct 23 - Dec 19 ‘24 bear leg
- RES 2: $33.000 - Round number resistance
- RES 1: $32.652 - High Feb 7
- PRICE: $32.160 @ 08:11 GMT Feb 10
- SUP 1: $30.814 - 50-day EMA
- SUP 2: $29.704 - Low Jan 27
- SUP 3: $28.748 - Low Dec 19 and bear trigger
- SUP 4: $28.446 - 76.4% retracement of the Aug 8 - Oct 23 bull cycle
Silver traded higher last week. Key resistance at $32.338, the Dec 12 high, has been pierced. Clearance of this hurdle would highlight a stronger reversal and cancel a recent bearish theme. This would open the $33.00 handle and expose $33.450, a Fibonacci retracement. Initial firm support lies at $30.814, the 50-day EMA and a pivot level. A clear break of the EMA would reinstate the recent bearish theme.
CROSS ASSET: Yen sees broader lows, Gold edges towards $2,900.00
- There's broader selling going through against the Yen, testing session low with the EUR, AUD, GBP and just short of the intraday low with the Dollar.
- Yields aren't moving, Risk on Tone could at play, although not seeing similar moves with the likes of the Swissy.
- The resistance in USDJPY is seen much further out, up to 152.89 High Jan 6.
- Gold continues to firm higher, now just $5 short of the $2,900.00 level, although most Desks will be eyeing the big Psychological $3000.00 level.
- In between these two levels, resistance is seen at $2917.5 - 1.764 proj of the Nov 14 - Dec 12 - 19 price swing, followed by $2962.2 - 2.00 proj of the Nov 14 - Dec 12 - 19 price swing.
USDCAD TECHS: Monitoring Support
- RES 4: 1.5000 Psychological round number
- RES 3: 1.4948 High Mar 2003
- RES 2: 1.4814 High Apr 2003
- RES 1: 1.4600/1.4793 Round number resistance / High Feb 3
- PRICE: 1.4345 @ 08:01 GMT Feb 10
- SUP 1: 1.4270 Low Feb 5
- SUP 2: 1.4261 Low Jan 20 and a key support
- SUP 3: 1.4178 High Nov 6 ‘24
- SUP 4: 1.4120 Low Dec 11
USDCAD is trading close to last week’s lows. For now, the latest move down appears corrective and the primary uptrend remains intact. The Feb 3 cycle high reinforces and strengthens bullish conditions. The break higher confirmed a resumption of the uptrend and opens 1.4814 next, the Apr 2003 high. Key support to watch lies at 1.4261, the Jan 20 low. A clear breach of this level would alter the picture and signal a reversal.
