MNI: RPT: Livestream MNI: Livestream MNI Connect ECB's Luis de Guindos On Sep 18

• It follows a well-received long-dated BOE APF operation on Monday.
• The yield tail was just 0.1bps, well below the 0.6-1.0bp range across the prior three re-openings in Feb, Apr and Jun.
• Bid-to-cover ratio of 3.69x also above the 2.58-2.89x prior range.
• A reminder that today’s auction was smaller (GBP3bln) than the last three re-openings (GBP3.25bln).
• The lowest accepted price of 92.946 was in excess of the 92.9385 pre-auction mid. The secondary price of the Gilt hasn’t seen much reaction following the results though, currently 92.935.

A bearish theme in WTI futures remains intact and the recovery since Jun 24 still appears corrective. The sharp reversal from the Jun 23 high continues to highlight scope for an extension lower. Support to watch is the 50-day EMA, at $65.68. The average has been pierced, a clear break of it would expose $58.17, the May 30 low. Initial resistance to monitor is $69.41, the 50.0% retracement of the Jun 23 - 24 high-low range. A bull cycle in Gold that started Jun 30 remains intact, and this week's gains mark an extension of the recovery. $3395.1, the Jun 23 high, has been cleared. A continuation higher would open $3451.3, the Jun 16 high. Note that moving average studies are in a bull-mode position highlighting a dominant uptrend. The bear trigger is $3248.7, the Jun 30 low. An initial firm support to watch is 3282.8, the Jul 9 low.

• WTI Crude down $0.22 or -0.34% at $65.08
• Natural Gas down $0.02 or -0.62% at $3.232
• Gold spot down $2.21 or -0.06% at $3429.63
• Copper up $5.75 or +1.01% at $577.6
• Silver up $0.1 or +0.25% at $39.3871
• Platinum up $6.39 or +0.44% at $1451.53