SILVER TECHS: Support Remains Intact

• SPAIN MAY SERVICES PMI 51.3 (52.9 FCAST, 53.4 APRIL)

• RES 4: $35.728 - 0.764 proj of the Apr 7 - 25 - May 15 price swing 
• RES 3: $35.000 - Round number resistance
• RES 2: $34.903 - High Oct 23 ‘24 and the bull trigger 
• RES 1: $34.789 - High Jun 2 
• PRICE: $34.435 @ 08:15 BST Jun 4 
• SUP 1: $32.859/31.651 - 50-day EMA / Low May 15 
• SUP 2: $30.915/28.351 - Low Apr 11 / 7 and the bear trigger
• SUP 3: $27.686 - Low Sep 6 ‘24   
• SUP 4: $27.180 - Low Aug 14 ‘24   

A strong rally in Silver on Monday confirms a resumption of the uptrend. The rally resulted in the breach of a number of important resistance points. This signals scope for an extension towards $34.903, the Oct 23 ‘24 high and a bull trigger. A clear break of this level would mark an important medium-term bullish development. Key short-term support is at $31.651, the May 15 low. A clear break of this level is required to highlight a reversal.

• Size: EUR Benchmark, MNI expects E7-10bln
• Guidance: BTPS 2.95% 07/2030 +10bps area
• Maturity: 1 October 2030
• Coupon: Fixed, S/A ACT/ACT. (short first)
• ISIN: TBA

• Size: E5bln WNG
• Guidance: BTPS 0.95% 03/2037 +9bps area
• Maturity: 30 October 2037
• Coupon: 4.05%, S/A ACT/ACT (42 days accrued)
• ISIN: IT0005596470

• Issuer: Republic of Italy
• Ratings: Baa3/BBB+/BBB/BBBH/BBB+ (pos/stab/pos/pos/stab) by Moody's/S&P/Fitch/DBRS/Scope
• Settlement: 11 June 2025 (T+5)
• Bookrunners: Barclays (DM/B&D) / BNPP / BofA / CACIB / Santander / Societe Generale
• Format: Buoni del Tesoro Poliennali (RegS in dematerialised book entry form), 144A eligible, CACs
• Denoms: EUR 1k + EUR 1k
• Timing: Books open, Today's business