RATINGS: S&P To Update On France After The Close
Potential sovereign rating reviews of note scheduled for after hours on Friday include:
- Moody’s on Hungary (current rating: Baa2; Outlook Negative)
- S&P on France (current rating: A+; Outlook Stable), Latvia (current rating: A; Outlook Stable) & Lithuania (current rating: A; Outlook Stable)
- Morningstar DBRS on Germany (current rating: AAA, Stable Trend) & Spain (current rating: A (high), Stable Trend)
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WTI TECHS: (Z5) Resistance Remains Exposed
- RES 4: $71.47 - High Jun 23 and a key medium-term resistance
- RES 3: $67.68 - High Jul 30
- RES 2: $65.77/68.43 - High Sep 26 and key resistance
- RES 1: $62.59 - High Oct 24
- PRICE: $60.45 @ 07:15 GMT Oct 29
- SUP 1: $59.64/55.96 - Low Oct 23 / 20
- SUP 2: $54.85 - Low May 5
- SUP 3: $54.16 - Low Apr 9 and a key support
- SUP 4: $53.23 - 1.764 proj of the Jul 30 - Aug 13 - Sep 26 price swing
Recent gains in WTI futures appear corrective for now, however, note that price has traded through the 50-day EMA, at $61.10 The breach of this average signals scope for a stronger recovery. A resistance at $62.34, the Oct 8 high, has also been pierced. A clear break of it would expose key resistance at $65.77, the Sep 26 high. Key support and the bear trigger has been defined at $55.96, the Low Oct 20.
GOLD TECHS: Corrective Phase
- RES 4: $4443.8 - 3.618 proj of the May 15 - Jun 16 - 30 price swing
- RES 3: $4404.9 - 3.500 proj of the May 15 - Jun 16 - 30 price swing
- RES 2: $4400.0 - Round number resistance
- RES 1: $4161.4/4381.5 - High Oct 22 / High Oct 20 and bull trigger
- PRICE: $3996.3 @ 07:20 GMT Oct 29
- SUP 1: $3900.0 - 38.2% retracement of the May 15 - Oct 20 bull leg
- SUP 2: $3886.6 - Low Oct 28
- SUP 3: $3819.6 - Low Oct 2
- SUP 4: $3751.3 - 50.0% retracement of the May 15 - Oct 20 bull leg
Gold traded lower Tuesday as it extends the bear cycle that started Oct 20. Note that the trend is overbought and the deeper retracement is allowing this condition to unwind. Support at the 20-day EMA, at $4037.0, has been breached, signalling scope for a deeper retracement, towards the 50-day EMA, at $3842.8. Key resistance and the bull trigger has been defined at $4381.5, the Oct 20 high. Initial resistance is at $4161.4, the Oct 22 high.
BRENT TECHS: (Z5) Short-Term Corrective Cycle Intact For Now
- RES 4: $76.82 - 2.382 proj of the Apr 9 - 23 - May 5 price swing
- RES 3: $75.43 - High Jun 23 and a bull trigger
- RES 2: $69.87/71.20 - High Sep 26 and key resistance / High Jul 30
- RES 1: $66.78 - High Oct 24
- PRICE: $64.68 @ 07:07 GMT Oct 29
- SUP 1: $63.86/60.07 - Low Oct 24 / 20 and the bear trigger
- SUP 2: $58.50 - Low May 5
- SUP 3: $57.88 - Low Apr 9 and a key support
- SUP 4: $55.91 - 2.00 proj of the Jul 30 - Aug 13 - Sep 26 price swing
A short-term corrective bull cycle in Brent futures remains intact for now. The contract has traded through the 50-day EMA, at $65.14. Clearance of this hurdle signals scope for a stronger recovery. Note that resistance at $66.58, the Oct 9 high, has been pierced. A clear breach of this level would expose key resistance at $69.87, the Sep 26 high. Key support and the bear trigger has been defined at $60.07, the Oct 20 low.
