GOLD TECHS: Sell-Off Exposes Key Support

• RES 4: $85.00 - Round number resistance 
• RES 3: $81.99 - 2.764 proj of the Apr 9 - 23 - May 5 price swing
• RES 2: $80.72 - 2.618 proj of the Apr 9 - 23 - May 5 price swing
• RES 1: $72.66/79.40 - 50.0% of the Jun 23-30 range / High Jun 23
• PRICE: $66.76 @ 07:07 BST Jul 1
• SUP 1: $65.92 - Lowe Jun 30 
• SUP 2: $61.39 - Low May 30
• SUP 3: $58.00 - Low May 5
• SUP 4: $57.70 - Low Apr 9 and a key support   

Brent futures are unchanged. The contract traded sharply lower on Jun 23, and for now, maintains a softer tone. The move down has resulted in a breach of the 50-day EMA and note too that $66.17, the 61.8% retracement of the May 5 - Jun 23 bull leg, has been pierced. A continuation lower would expose $61.39 next, the May 30 low. Initial resistance to watch is $72.66, a Fibonacci retracement point.

• Bund might be showing 25 ticks up going into the Cash Open, testing the intraday high on low volumes after the 2.60% area in Yield held again Yesterday, printed a 2.612% high.
• But the continued divergence against the US Tnotes (TYU5) will be watched, the US 10yr Yield tested the 4.20% level, initial support was seen Yesterday at 4.1942%, which equated to 112.11 Yesterday.
• Today's printed high in TYU5 is just 2.5 ticks off that level.
• For the German Bund, support moves down to the 130.00 figure, while the initial resistance remains unchanged at 130.80.
• Today's Manufacturing PMIs are final reading for France, Germany, EU, UK and US, the focus Today is on the EU Prelim CPI, US ISM Mfg and JOLTS.
• ECB CPI expectations are also due for release.
• SUPPLY: UK £2bn 30yr (equates to 19.3k Gilt) could somewhat weigh.
• SPEAKERS: ECB Guindos, Elderson, Schnabel, Lagarde, Fed Powell, BoE Bailey, BoJ Ueda.

SFRZ5 96.25/96.00 1x2 put spread 2K given at 3.25