JAPAN: Rengo Tables Firm Wage Hike Request
Japan's largest labour union body, Rengo, has noted that member unions are seeking an average wage hike of 5.94% in this year's Shunto wage negotiations, just below the 6.09% it started with last year.
- Unions representing smaller companies demanded a 6.64% raise, the largest request since at least '24 (6.57% last year).
- According to Rengo, the weighted average of wage increases in the 2025 shunto round was 5.25%, topping 5% for the second consecutive year.
- Policymakers use the outcome as a key input for policy settings.
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GOLD TECHS: Bear Threat Still Present
- RES 4: $5451.0 - High Jan 30
- RES 3: $5314.00- 76.4% retracement of the Jan 29 - Feb 2 pullback
- RES 2: $5139.9 - 61.8%retracement of the Jan 29 - Feb 2 pullback
- RES 1: $4999.2- 50.0% retracement of the Jan 29 - Feb 2 pullback
- PRICE: $4916.8 @ 07:33 GMT Feb 3
- SUP 1: $4661.0 - Intraday low
- SUP 2: $4403.0 - Low Feb 2
- SUP 3: $4274.7 - Low Dec 31 ‘25 and a key support
- SUP 4: $4170.3 - Low Dec 9
Gold has recovered from Monday’s low. However, the sharp sell-off from last week’s high still highlights a potential top in the L/T trend and from a S/T perspective, marks an unwinding of the recent extreme overbought condition. The metal has pierced the 50-day EMA, at $4551.2. A clear break of this average would signal scope for a deeper retracement and open $4274.7, the Dec 31 ‘25 low. Initial resistance is 4999.2, a Fibonacci retracement.
US TSY OPTIONS: TYH6 111.00 Puts Lifted
TYH6 111.00 puts paper paid 0-10 on 3K over a couple of clips.
WTI TECHS: (H6) Bearish Correction
- RES 4: $71.66 - 2.00 proj of the Jan 7 - 14 - 20 price swing
- RES 3: $69.80 - High Jun 23 ‘25 and a key medium-term resistance
- RES 2: $68.00 - Round number resistance
- RES 1: $66.48 - High Jan 30
- PRICE: $61.93 @ 07:15 GMT Feb 3
- SUP 1: $61.01/59.74 - 20- and 50-day EMA values
- SUP 2: $58.53 - Low Jan 20
- SUP 3: $55.65 - Low Ja 7
- SUP 4: $54.56 - Low Apr 9 ‘25 and a key support
A bull cycle in WTI futures remains intact. However, Monday’s impulsive sell-off highlights the beginning of a corrective phase. Attention is on support at the 20-day EMA, at $61.01. The 50-day EMA lies at $59.74. A clear breach of the 50-day average would highlight a stronger reversal and open $58.53, the Jan 20 low. Key resistance and the bull trigger has been defined at $66.48, the Jan 30 high.
