US TSYS: Strong core PCE to keep breakevens under pressure on hawkish Fed
* Another strong month of core PCE inflation in April-when the data is published later today-would...
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EGB SYNDICATION: New EFSF 7-Year Bond: Spread Set
- Spread set: MS+24 (guidance was MS+26bps area)
- Size: EUR Benchmark (MNI expects E3bln, in line with most 7-year EFSF issues over the past few years)
- Books above E9.8bn (incl €950mm JLM)
- Maturity: 6 September 2033
- Settlement: 6 May 2026 (T+5)
- Coupon: TBD. Short coupon on 6 September 2026
- ISIN: EU000A2SCAZ3
- Bookrunners: CITI / CACIB (DM/B&D) / LBBW
- Timing: Books close at 11:30CET / 10:30LDN
From market source / MNI colour
SILVER TECHS: Corrective Cycle
- RES 4: $107.341 - 76.4% retracement of the Jan 29 - Mar 23 sell-off
- RES 3: $97.804 - High Mar 2
- RES 2: $90.015 - High Mar 10
- RES 1: $84.174 - 38.2% retracement of the Jan 29 - Mar 23 bear leg
- PRICE: $73.168 @ 09:25 BST Apr 28
- SUP 1: $61.007 - Low Mar 23 and the bear trigger
- SUP 2: $60.000 - Round number support
- SUP 3: $56.496 - Low Dec 4 ‘25
- SUP 4: $53.345 - Low Nov 28 ‘25
Silver has pulled back from its mid-April recovery high of $83.054. MA studies remain in a bear-mode position and this continues to highlight a dominant downtrend. It also suggests that the recovery since Mar 23, is likely a correction. A resumption of weakness would expose the bear trigger at $61.007, the Mar 23 low. A break of this level would resume the downtrend. First resistance to watch is $84.174, a Fibonacci retracement point.
GOLD TECHS: MA Still Studies Highlight A Bearish Threat
- RES 4: $5107.6 - 76.4% retracement of the Mar 2 - 23 bear leg
- RES 3: $5000.0 - Round number resistance
- RES 2: $4914.9 - 61.8% retracement of the Mar 2 - 23 bear leg
- RES 1: $4889.4 - High Apr 16
- PRICE: $4522.2 @ 09:22 BST Apr 28
- SUP 1: $4554.2 - Low Apr 2 and a key short-term support
- SUP 2: $4420.1 - Low Mar 30
- SUP 3: $4306.4 - Low Mar 24
- SUP 4: $4099.2 - Low Mar 23 and the bear trigger
Gold is trading closer to its recent highs despite the latest pullback. A resumption of gains would resume the correction that started on Mar 23 and pave the way for an extension towards the $5000.0 handle and $5107.6, a Fibonacci retracement point. Initial firm support to watch lies at $4554.2, the Apr 2 low. A break of this level would be bearish. Note that MA studies are in a bear-mode position. This continues to highlight a stronger bearish threat.
