GOLD TECHS: Support To Watch Lies At The 50-Day EMA
- RES 4: $3578.0 - 2.000 proj of the Dec 19 - Feb 24 - Feb 28 swing
- RES 3: $3547.9 - 1.764 proj of the Feb 28 - Apr 3 - Apr 7 price swing
- RES 2: $3500.1 - High Apr 22 and bull trigger
- RES 1: $3451.3 - High Jun 16
- PRICE: $3336.9 @ 07:26 BST Jun 26
- SUP 1: $3289.4/3 - 50-day EMA / Trendline from the Dec 30 ‘24 low
- SUP 2: $3204.7 - Low May 20
- SUP 3: $3121.0 - Low May 15 and key support
- SUP 4: $3100.0 - Round number support
The trend condition in Gold remains bullish and the latest pullback is considered corrective. Note that moving average studies are in a bull-mode position, highlighting a dominant uptrend. Resistance at $3435.6, the May 7 high, has recently been pierced. A clear break of this level would strengthen the uptrend and open $3500.1, the Apr 22 all-time high. Initial key support to monitor is $3289.4, the 50-day EMA.
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GOLD TECHS: MA Studies Highlight A Dominant Uptrend
- RES 4: $3578.0 - 2.000 proj of the Dec 19 - Feb 24 - Feb 28 swing
- RES 3: $3547.9 - 1.764 proj of the Feb 28 - Apr 3 - Apr 7 price swing
- RES 2: $3435.6/3500.1 - High May 7 / High Apr 22 and bull trigger
- RES 1: $3365.9 - High May 23
- PRICE: $3326.3 @ 07:23 BST May 27
- SUP 1: $3282.8/3121.0 - 20-day EMA / Low May 15
- SUP 2: $3085.0 - 61.8% retracement of the Apr 7 - Apr 22 upleg
- SUP 3: $3100.0 - Round number support
- SUP 4: $3023.7 - 1.382 proj of the Apr 22 - May 1 - May 7 price swing
Gold has recovered from its recent lows. The climb signals the end of the corrective phase between Apr 22 - May 15. Medium-term trend signals are unchanged and remain bullish. Note that moving average studies are in a bull-mode position, highlighting a dominant uptrend. A continuation higher would open $3435.6 next, the May 7 high. Key support and the bear trigger has been defined at $3121.0, the May 15 low.
BRENT TECHS: (N5) M/T Trend Remains Bearish
- RES 4: $75.81 - High Feb 20
- RES 3: $74.63 - High Apr 2 and a bull trigger
- RES 2: $68.28 - 61.8% retracement of the Apr 2 - 9 sell-off
- RES 1: $66.13/81 - 50-day EMA / High May 13
- PRICE: $64.53 @ 07:06 BST May 27
- SUP 1: $58.00 - Low April 9 and the bear trigger
- SUP 2: $56.29 - 2.236 proj of the Feb 20 - Mar 5 - Apr 2 price swing
- SUP 3: $55.10 - 2.382 proj of the Feb 20 - Mar 5 - Apr 2 price swing
- SUP 4: $54.00 - Round number support
Brent futures are unchanged and trade closer to their recent highs. The medium-term trend condition remains bearish and recent gains appear corrective. Attention is on $66.13, the 50-day EMA. It has been pierced. A clear break of the average would highlight a stronger bull cycle and expose $68.28, a Fibonacci retracement. A reversal lower would open $58.00, the Apr 9 low.
BUNDS: A busy Overnight session and a Busy Week ahaed
- A busier session on both sides of the Atlantic Overnight as the US and the UK come back from their Bank Holidays, the big fall in Japanese long end Yields have been supportive of Futures.
- The Tariffs debacle remain at the forefront, after Trump pushed back the date against the EU to that initial 90 days delay on the 9th July.
- While the Trade Risks are still in Focus, Bond Traders have plenty on their hands this Week, rolling Treasuries and Gilt positions into September, and aside from the Data, we also get Month End.
- For today, French prelim CPI, US prelim Durable Goods, and Consumer Confidence are due.
- SUPPLY: Netherland €2bn 5yr (equates to 20.5k Bobl), Italy €2.75bn 2yr (equates to ~21.26k 2yr Short BTP) could weigh, the 2032, 2036 linkers won't Impact the BTP. US sells $69bn of 2yr Notes.
- SPEAKERS: ECB Villeroy, Nagel, Fed Barkin.
