WTI TECHS: (Q5) Recent Gains Considered Corrective

• RES 4: $3578.0 - 2.000 proj of the Dec 19 - Feb 24 - Feb 28 swing
• RES 3: $3547.9 - 1.764 proj of the Feb 28 - Apr 3 - Apr 7 price swing
• RES 2: $3435.6/3500.1 - High May 7 / High Apr 22 and bull trigger
• RES 1: $3403.5 - High Jun 5         
• PRICE: $3336.1 @ 07:25 BST Jun 11 
• SUP 1: $3245.6 - 50-day EMA
• SUP 2: $3121.0 - Low May 15 and key support 
• SUP 3: $3085.0 - 61.8% retracement of the Apr 7 - Apr 22 upleg
• SUP 4: $3100.0 - Round number support 

A bullish theme in Gold remains intact and the latest pullback appears corrective. Medium-term trend signals remain bullish - moving average studies are in a bull-mode position, highlighting a dominant uptrend. A resumption of gains would refocus attention on $3435.6 next, the May 7 high. A break of this hurdle would strengthen bullish conditions. On the downside, the next support to monitor is $3245.6, the 50-day EMA.

• RES 4: $75.33 - High Feb 20 
• RES 3: $73.88 - High Apr 2 and a bull trigger
• RES 2: $70.08 - 76.4% retracement of the Apr 2 - 9 sell-off 
• RES 1: $68.00 - High Jun 10 
• PRICE: $66.88 @ 07:10 BST Jun 11
• SUP 1: $62.09/57.78 - Low May 30 / Low April 9 and the bear trigger
• SUP 2: $55.88 - 2.236 proj of the Feb 20 - Mar 5 - Apr 2 price swing
• SUP 3: $54.70 - 2.382 proj of the Feb 20 - Mar 5 - Apr 2 price swing
• SUP 4: $54.00 - Round number support

A bull cycle in Brent futures remains in play. The latest round of gains has resulted in a break of resistance at $65.45, the 50-day EMA. The continuation higher exposes $70.08, a Fibonacci retracement. It is still possible that the recovery since early May is a correction. Moving average studies are in a bear-mode position, highlighting a dominant medium-term downtrend. Support to watch lies at $62.09, the May 30 low. A break would be bearish.

• As to be expected, not too much change for the German Bund contract with the Street fully focused on the US CPI Today, the main Data release for the Week.
• While negotiations between the US and China on de escalation of the Trade War, with a preliminary plan to resolve issues of rare Earth shipments are still ongoing, a Federal appeal Court decided that Trump can continue enforcing his Global Tariffs for now, as such uncertainty in Trade Wars remain.
• Technically for Bund, the initial resistance of 131.00 is still holding for now, above the latter would open to 131.28, followed by 131.50.
• Small support moves up to 130.52, although most could look at 130.37, Yesterday's low, but the near term key level is still at the 2.60% mark in Yield, this equated circa 130.10s for the the past couple of sessions.
• There's only the ECB Wage tracker this Morning, but unlikely to move the needle, it is all about the US Inflation Today.
• SUPPLY: UK £4.25bn 2035 (equates to 36.5k Gilt) will weigh, Germany €3bn Bund (equates to only 24k Bund) should have no real impact, Portugal 10s, 30s (too small, won't impact Bund at least). US sells $39bn of 10yr Reopening.
• SPEAKERS: ECB Makhlouf, Cipollone, but with the continued uncertainty in Tariff Wars don't expect anything too new.