USD: The Yen comes under renewed pressure

• Another gilt auction where the LAP (lowest accepted price) is below the pre-auction mid-price.
• This follows two soft auctions last week. There was a little blip lower visible on the gilt futures chart, but only of 5 ticks or so which was almost immediately retraced. We are broadly trading at pre-bidding deadline prevailing levels now.

WTI futures maintain a softer tone following the reversal from the Jun 23 high. Support to watch is at the 50-day EMA, at $64.60. It has been pierced, a clear break of it would signal scope for a deeper retracement. This would expose $58.87, the May 30 low. On the upside, initial resistance to watch is $71.20, the 50.0% retracement of the Jun 23 - 24 high-low range. Key resistance is at $78.40, the Jun 23 high. Gold traded lower Friday resulting in a breach of the 50-day EMA, and a trendline drawn from the Dec 30 ‘24 low. A clear break of both support points would signal scope for a deeper correction - this would expose $3245.5, the May 29 low. The metal has recovered from yesterday’s low and for now, this highlights a possible false trendline break. Stronger gains would refocus attention $3451.3, Jun 16 high. The bear trigger is $3248.7, the Jun 30 low.

• WTI Crude up $0.1 or +0.15% at $65.19
• Natural Gas down $0.06 or -1.68% at $3.398
• Gold spot up $35.68 or +1.08% at $3338.89
• Copper up $7.1 or +1.4% at $514.95
• Silver up $0.24 or +0.65% at $36.3558
• Platinum down $24.3 or -1.79% at $1335.07