COMMODITIES: Precious Metals Extend Gains, Crude Falls
May-21 18:32
- Spot gold has risen by a further 0.7% today amid concerns about US fiscal policy and ongoing geopolitical tensions in the middle east.
- The move has brought the yellow metal back above the $3,300/oz level, currently trading at $3,314/oz.
- The gains signal the end of the corrective phase for gold between Apr 22 - May 15. Medium-term trend signals remain bullish, with moving average studies in a bull-mode position, highlighting a dominant uptrend.
- A continuation higher would open $3,435.6 next, the May 7 high. Key support and the bear trigger has been defined at $3,121.0, the May 15 low.
- Similarly, silver has also rallied by another 0.9% to $33.4/oz today, bringing the precious metal to its highest level since April 29.
- A bullish theme in silver remains intact, with resistance to watch at $33.686, the Apr 25 high. Clearance of this level would confirm a resumption of the uptrend, opening $34.590, the Mar 28 high.
- Meanwhile, crude reversed earlier gains after an unexpected rise in US crude stocks in EIA data today.
- WTI Jul 25 is down by 0.9% at $61.5/bbl.
- For WTI futures, attention remains on support at $54.33, the Apr 9 low and bear trigger. Key resistance to watch is $62.82, the 50-day EMA, a clear break of which would highlight a stronger reversal, opening $65.82, the Apr 4 high.
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PIPELINE: Corporate Bond Update, $5B American Express 4Pt Priced
Apr-21 18:25
- Date $MM Issuer (Priced *, Launch #)
- 04/21 $5B *American Express $1.6B 4NC3 +98, $400M 4NC3 SOFR+126, $1.5B 6NC5 +108, $1.5B 11NC10 +128
- 04/21 $700M Excelerate Energy 5NC2
- 04/21 $2B QXO Inc. 7NC3 investor calls
US: FED Reverse Repo Operation
Apr-21 18:23
RRP usage rebounds to $114.114B this after noon from $58.600B last Thursday. Usage had fallen to $54.772B last Wednesday, April 16 -- lowest level since April 2021. Usage had surged to the highest level since December 31, 2024 last Monday, March 31: $399.167B. The number of counterparties at 38.
US TSYS: Risk Sentiment Continues to Sour, Stocks Sliding Lower
Apr-21 17:47
- Risk sentiment continues to sour, stocks at or near session lows at the moment as are Tsy futures (TYM5 -10.5 at 110-27, still above pre-open lo of 110-22).
- Market reactions to headline risk, latest focus partially tied to headlines that the WH is in the process of replacing Sec of Defense Hegseth following reports of another Signal Chat leak made the rounds. Politico reported GOP Rep Bacon said "Hegseth should Go".
- Conversely, WH Press Sec Leavitt just said the NPR report is false. Global trade remains the greater concern as markets await something concrete in tariff negotiations vs. hopes and promises that talks with dozens of countries is going well.
- Currently, the DJIA is down 1185.65 points (-3.03%) at 37956.3, S&P E-Minis down 172.5 points (-3.25%) at 5139.75, Nasdaq down 566.8 points (-3.5%) at 15720.71.
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