GOLD TECHS: Remains Above Support At The 50-Day EMA
Nov-06 07:30
- RES 4: $4404.9 - 3.500 proj of the May 15 - Jun 16 - 30 price swing
- RES 3: $4400.0 - Round number resistance
- RES 2: $4161.4/4381.5 - High Oct 22 / High Oct 20 and bull trigger
- RES 1: $4046.2 - High Oct 31
- PRICE: $4004.9 @ 07:29 GMT Nov 6
- SUP 1: $3886.6 - Low Oct 28
- SUP 2: $3871.7 - 50-day EMA
- SUP 3: $3800.00 Round number support
- SUP 4: $3751.3 - 50.0% retracement of the May 15 - Oct 20 bull leg
A fresh cycle low recently in Gold highlights an extension of the bear cycle that started Oct 20. The move down since Oct 20 has allowed an overbought trend condition to unwind. The 20-day EMA has been breached, signalling scope for a test of the 50-day EMA, at $3871.7 - a key pivot support. Clearance of this EMA would strengthen a short-term bear theme. Initial resistance is at $4161.4, the Oct 22 high.
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Historical bullets
OAT: Block trades
Oct-07 07:28
OAT Block trades, suggest sellers.
- OATZ5 3k at 120.76.
- OATZ5 1.2k at 120.80.
EQUITIES: EU Bank Block trade
Oct-07 07:26
EU Bank Block trade, suggested seller, helping the unwind lower.
- CAZ5 ~3.35k at 229.15.
CROSS ASSET: Higher Yields boost the USDJPY
Oct-07 07:16
- The Push lower in Bonds futures will be supportive of the Dollar and especially the USDJPY, now probing a new intraday high, and eyeing the next big level noted earlier at 150.92.
- There's continued selling interest in Core Bonds and while the Volumes haven't picked up, the lower liquidity means that it takes little order size to move markets.
- US TYZ5 printed a 112.11 low Yesterday, some desks might look for support at 112.06, but better will be seen around 112.03 (4.20% in Yield).
