SILVER TECHS: Support Remains Intact
- RES 4: $39.026 - 1.382 proj of the Apr 7 - 25 - May 15 swing
- RES 3: $38.246 - 1.236 proj of the Apr 7 - 25 - May 15 swing
- RES 2: $38.000 - Round number resistance
- RES 1: $37.317 - High Jun 18 and the bull trigger
- PRICE: $36.743 @ 08:17 BST Jul 4
- SUP 1: $35.981 - 20-day EMA
- SUP 2: $34.863/31.651 - 50-day EMA / Low May 15
- SUP 3: $30.915/28.351 - Low Apr 11 / 7 and the bear trigger
- SUP 4: $27.686 - Low Sep 6 ‘24
A bull cycle in Silver remains in play. The metal has recently traded through resistance at $34.903, the Oct 23 ‘24 high and a key bull trigger. The break of it marks an important medium-term bullish development. Sights are on the $38.00 handle next. On the downside, initial support to watch lies at $35.981, the 20-day EMA. It has been pierced, a clear break of it would open $34.863, the 50-day EMA.
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MNI: SPAIN MAY SERVICES PMI 51.3 (52.9 FCAST, 53.4 APRIL)
- SPAIN MAY SERVICES PMI 51.3 (52.9 FCAST, 53.4 APRIL)
SILVER TECHS: Bullish Outlook
- 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.
EGB SYNDICATION: Italy Dual-Tranche New 5y / 10y Green Tap: Books Open
- 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
