BUNDS: The Yields must be Watched!

• Bund has edged just above the next resistance of 131.42 overnight, this was last Friday's high, managed a 131.57 high so far Today.
• Next upside resistance is at the April high of 132.03.
• The contract has benefitted from Safer Haven flow, combined with some positioning ahead of the ECB expected cut on Thursday and Growth risks given the Tariffs uncertainties.
• President Trump has floated the idea of temporary exemption on Imported Vehicles and parts last night, but this Morning CNBC reported that the US announced a probe into Chips and Electronics Imports paving the way for new Tariffs.
• Nonetheless, Yesterday's news on Cars has helped the US Yield fade away from Friday's peaks, around ~4.58% in the 10yr.
• The UK data is out of the way and had very limited impact, focus remains squarely on Tariff news.
• The rest of Today sees, France final CPI, German ZEW and for North America, Canadian CPI.
• ECB Bank lending survey is also released.
• SUPPLY: Uk £4bn 10yr (equates to 34.56k Gilt) should weigh, Germany €4.5bn Bobl (equates to 38.3k Bobl) Could weigh, Finland 2031, 2055 (won't impact Bund).

• RES 4: $3347.7 - 1.00 proj of the Feb 28 - Apr 3 - Apr 7 price swing   
• RES 3: $3300.0 - Round number resistance
• RES 2: $3291.8 - 1.00 proj of the Feb 28 - Apr 3 - Apr 7 price swing   
• RES 1: $3245.8 - High Apr 14        
• PRICE: $3226.6 @ 07:24 BST Apr 15 
• SUP 1: $3077.5 - 20-day EMA  
• SUP 2: $2956.7/2981.2 - Low Apr 7 / 50-day EMA 
• SUP 3: $2880.3 - Low Mar 10 
• SUP 4: $2832.7 - Low Feb 28 

The trend condition in Gold remains bullish and price is trading at its recent highs. The yellow metal last week traded through $3167.8, the Apr 3 high, to resume the primary uptrend and trade to fresh all-time highs. Moving average studies are unchanged, they remain in a bull-mode position highlighting a dominant uptrend. Initial firm support lies at 3077.5, the 20-day EMA. Sights are on 3291.8, a Fibonacci projection

• RES 4: $77.75 - High Jan 20  
• RES 3: $76.26 - High Feb 20
• RES 2: $70.59/75.47 - 50-day EMA / High Apr 2 and a bull trigger
• RES 1: $67.95 - Low Mar 5            
• PRICE: $65.04 @ 07:11 BST Apr 15  
• SUP 1: $58.40 - Low Apr 9    
• SUP 2: $58.85 - 2.000 proj of the Feb 20 - Mar 5 - Apr 2 price swing
• SUP 3: $56.89 - 2.236 proj of the Feb 20 - Mar 5 - Apr 2 price swing
• SUP 4: $55.00 - Round number support

Brent futures continue to trade above last week’s high. For now, the latest bounce is considered corrective and this is allowing a recent oversold condition to unwind. The primary trend direction remains down and a resumption of weakness would open $56.89, a Fibonacci projection. On the upside, initial firm resistance to watch is seen at $67.95, the Mar 5 low. Resistance at the 50-day EMA, is at $70.83.