SOFR: SFRM7-H8 H8 Strip Blocked

SFIM6 96.25/96.35/96.45c fly, bought for half in 5.5k.

A bull wave in WTI futures remains intact and the sharp pullback on Mar 23 proved to be a correction. A fresh short-term cycle high yesterday reinforces the bull theme. A key support zone to monitor is the area between $90.76 - $79.50, the 20- and 50-day EMA values. A clear break of this support zone is required to signal a possible trend reversal. On the upside, sights are on $113.41, the Mar 9 high and bull trigger. A corrective cycle in Gold remains in play and the metal is holding on to its latest gains. Key near-term resistance is at $4801.1, the 50-day EMA. A clear break of this average is required to signal scope for a stronger recovery. This would open $4914.9, a Fibonacci retracement point. For bears, a reversal would mark the end of the correction and signal scope for a move towards the bear trigger at $4099.2, the Mar 23 low.

• WTI Crude down $2.46 or -2.43% at $98.88
• Natural Gas down $0.01 or -0.35% at $2.872
• Gold spot up $57.76 or +1.24% at $4726.63
• Copper up $3.85 or +0.69% at $565.5
• Silver down $0.76 or -1.01% at $74.4285
• Platinum up $11 or +0.56% at $1964.47

The NTMA has confirmed there will only be one bond auction in Q2 on Thursday 14 May. The auction details will be announced on Monday 11 May.