GOLD TECHS: Testing Key Short-Term Support

• 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: $3302.4 @ 07:21 BST May 28
• SUP 1: $3284.6/3202.9 - 20- and 50-day EMA values 
• SUP 2: $3121.0 - Low May 15 and key support 
• SUP 3: $3085.0 - 61.8% retracement of the Apr 7 - Apr 22 upleg
• SUP 4: $3100.0 - Round number support 

Recent gains in Gold signals the end of the corrective phase between Apr 22 - May 15. Medium-term trend signals are unchanged, they 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.  

• The German Bund saw a small gap lower on the Open, JGBs have once again led some of the small price action, with some Investors focused on the Long JGB 40yr Auction which came on the lower side of demand.
• The German Bund has reversed Yesterday's rally, and small support will be eyed at 130.72 initially.
• Below here, would see 130.15 next.
• The opening small gap is up to 131.02, but better resistance is still eyed at 131.72 and 132.03 (April high).
• For Treasuries, the June contract is still the most Active, but we will be quoting September as this will become the front Month during Today's session.
• Immediate support in TYU5 comes at 110.06+, but better is seen towards 109.25.
• There's isn't much in terms of real needle moving Data for Today, French GDP is final reading, ECB CPI Expectations are due, and on the margin, some will be watching the FOMC minutes, but again unlikely to be a market mover, with focus squarely on Tariffs.
• SUPPLY: UK £2.75bn 8yr (Equates to 17.8k Gilt) could somewhat weigh, Germany 2038, 2040 (equates combined 8.7k Buxl) should have limited impact. US Sells $70bn of 5yr notes and $28bn 2yr reopening.
• SYNDICATION: Spain 10yr Benchmark.
• SPEAKERS: Fed Kashkari, BoE Pill (text from 22nd May speech in Vienna).

• 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: $66.05/81 - 50-day EMA / High May 13
• PRICE: $64.26 @ 07:07 BST May 28
• 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 in consolidation mode and continue to trade closer to their recent highs. The medium-term trend condition is bearish and recent gains appear corrective. Attention is on $66.05, the 50-day EMA. It has been pierced. A clear break of the EMA would highlight a stronger bull cycle and expose $68.28, a Fibonacci retracement. A reversal lower would open $58.00, the Apr 9 low.