OUTLOOK: Price Signal Summary - Support In Gold Remains Intact
Nov-12 11:58
- On the commodity front, the downleg in Gold since Oct 20 appears to have been a correction and has allowed an overbought condition to unwind. Recent gains suggest the correction is over. Price remains above a key support at the 50-day EMA, at $3899.3. Clearance of this EMA would signal scope for a deeper retracement. Initial resistance is at $4161.4, the Oct 22 high. A stronger recovery would refocus attention on $4381.5, the Oct 20 high and bull trigger.
- The pullback in WTI futures since Oct 24, appears to be a flag formation - a bullish continuation pattern. This suggests that an upward corrective cycle is intact for now. Price has recently traded through the 50-day EMA, at $60.85, signalling scope for a stronger recovery. Note too that resistance at $62.34, the Oct 8 high, has been pierced. A clear move through it would expose key resistance at $65.77, Sep 26 high. The bear trigger is $55.96, the Oct 20 low.
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SOFR OPTIONS: Goldman Recommend Mid-Curve Hedge Against Trade War Escalation
Oct-13 11:55
Late on Friday Goldman Sachs recommended going long the 0QZ5 97.25 calls at 8.0, targeting 16.0, with a stop set at 8.0 as a “tactical hedge against the risk that tariff concerns escalate”. The situation has obviously calmed a little over the weekend.
US: Bessent Sees Trump Post Turning Table on China
Oct-13 11:53
"[RTRS] BESSENT ON CHINA TRADE: TRUMP'S FRIDAY SOCIALMEDIA POST TURNED THE TABLES; CHINA MADE A MISCALCULATION" - Reuters
EURIBOR OPTIONS: Healthy Options Activity Continues
Oct-13 11:35
Latest Euribor trades:
- ERZ5 98.0625 call vs 97.9375 put combo. Paper pays 0.75 for the call in 5k (vs 97.98 spot, 46% delta).
- ERM6 98.375/98.625 1x1.5 call spread, paper pays up to 1.5 in 5k
