TURKEY: Trade Deficit Narrows to $6.44bln in July

• RES 4: $41.064 - 1.764 proj of the Apr 7 - 25 - May 15 swing
• RES 3: $40.285 - 1.618 proj of the Apr 7 - 25 - May 15 swing
• RES 2: $40.000 - Psychological round number
• RES 1: $39.655 - 1.500 proj of the Apr 7 - 25 - May 15 swing    
• PRICE: $38.092 @ 08:00 BST Jul 29  
• SUP 1: $37.843 - 20-day EMA
• SUP 2: $36.452 - 50-day EMA 
• SUP 3: $35.285 - Low Jun 24  
• SUP 4: $33.967 - Low Jun 3

Trend signals in Silver are unchanged, they remain bullish. Gains early last week reinforce current trend conditions - the metal traded above resistance at $39.132, the Jul 14 high. The break confirms a resumption of the uptrend and maintains the price sequence of higher highs and higher lows. Sights are on $39.655 next, a Fibonacci projection. On the downside, initial support to watch lies at $37.843, the 20-day EMA.

• MNI: SPAIN Q2 FLASH GDP +0.7% Q/Q, +2.8% Y/Y

• RES 4: 1.3920 High May 21  
• RES 3: 1.3862 High May 29  
• RES 2: 1.3798 High Jun 23 and a key near-term resistance  
• RES 1: 1.3774 High Jul 17 
• PRICE: 1.3749 @ 07:58 BST Jul 29
• SUP 1: 1.3679/3557 20-day EMA / Low Jul 03
• SUP 2: 1.3540 Low Jun 16 and the bear trigger
• SUP 3: 1.3503 1.618 proj of the Feb 3 - 14 - Mar 4 price swing
• SUP 4: 1.3473 Low Oct 2 2024

USDCAD is holding on to its most recent gains. The recovery is considered corrective, however, price has traded through the 50-day EMA at 1.3728. A clear breach of this average would highlight a possible stronger short-term reversal, exposing 1.3798, the Jun 23 high. Clearance of 1.3798 would strengthen a bullish condition. On the downside, 1.3540, the Jun 16 low, marks key support. A break would resume the downtrend.