OUTLOOK: Price Signal Summary - Trend Set-Up In Gold Remains Bullish

• RES 4: 115-00+ High Oct 1 ‘24 (cont) 
• RES 3: 114-21+ 1.00 proi of the Aug 18 - Sep 11 - 25 price swing
• RES 2: 114-10   High Apr 7 (cont) and a key resistance 
• RES 1: 113-24/114-02   High Oct 24 / 17 and the bull trigger 
• PRICE:‌‌ 113-16 @ 10:52 GMT Oct 25
• SUP 1: 113-04   Low Oct 27 
• SUP 2: 112-26   50-day EMA
• SUP 3: 112-16+ Low Oct 10
• SUP 4: 112-06   Low Sep 25 and a reversal trigger

A bullish structure in Treasuries is intact and recent weakness appears corrective. Moving average studies are in a bull-mode position, highlighting a dominant uptrend. A resumption of gains would refocus attention on 114-02, the Oct 24 high and a bull trigger. A breach of this hurdle would confirm a resumption of the medium-term uptrend, and open 114-10, the Apr 7 high (cont). Support to watch is 112-26, the 50-day EMA. 

• EUR Benchmark (MNI expects E1.5-E2.5bln) of the new 12-year Nov-37 SlovGB
• Revised guidance: MS+100 Area (guidance was MS+105 Area)
• Books in excess of E3.1bln
• Coupon: Annual, act/act ICMA
• Format: Reg S CAT1, bearer
• Settlement: Nov. 4, 2025 (t+5)
• ISIN: SK4000028304
• Bookrunners: Citi, CSOB, DB (B&D), JPM
• Timing: May price today

Per Bloomberg / DJ, with MNI color

• In the equity space, the trend condition in S&P E-Minis remains bullish and the contract traded higher Monday, as it started the week on a bullish note. The fresh cycle high confirms a resumption of the primary uptrend and maintains the bullish price sequence of higher highs and higher lows. The 6900.00 handle has been cleared, opening 6953.25 next, a 2.000 projection of the Aug 1 - 15 - 20 price swing. Initial firm support to watch lies at 6748.48, the 20-day EMA.
• The trend structure in EUROSTOXX 50 futures is bullish. Monday’s fresh cycle high reinforces a bull theme and maintains the rising price sequence of higher highs and higher lows. Note too that moving average studies are in a bull-mode position, highlighting a dominant medium-term uptrend. Sights are on 5727.18, a 1.236 projection of the Aug 1 - 22 - Sep 2 price swing. First support lies at 5625.31, the 20-day EMA.