GOLD TECHS: Trend Needle Points North
- RES 4: $3909.4 - 2.000 proj of the May 15 - Jun 16 - 30 price swing
- RES 3: $3831.4 - 1.764 proj of the Dec 30 ’24 - Apr 3 - 7 price swing
- RES 2: $3800.0 - Round number resistance
- RES 1: $3791.1 - High Sep 23
- PRICE: $3751.3 @ 07:25 BST Sep 26
- SUP 1: $3683.8 - Low Sep 22
- SUP 2: $3634.3 - 20-day EMA
- SUP 3: $3514.3 - 50-day EMA
- SUP 4: $3439.0 - High Jul 23
The trend condition in Gold is unchanged and a bull cycle remains in play. A fresh all-time high once again, on Tuesday, confirms a resumption of the primary uptrend and an extension of the sequence of higher highs and higher lows. The next objective is the $3800.0 handle. Initial firm support lies at $3622.2, the 20-day EMA. Note that moving average studies are in a bull-mode position, highlighting a dominant uptrend.
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EURJPY TECHS: Trend Needle Points North
- RES 4: 177.08 2.000 proj of the Feb 28 - Mar 18 - Apr 7 price swing
- RES 3: 175.43 High Jul 11 ‘24 and a key medium-term resistance
- RES 2: 174.86 1.764 proj of the Feb 28 - Mar 18 - Apr 7 price swing
- RES 1: 173.02/97 High Aug 13 / High Jul 28 and the bull trigger
- PRICE: 171.65 @ 07:12 BST Aug 27
- SUP 1: 170.56 50-day EMA
- SUP 2: 169.73/45 Low Jul 31 / 23.6% of the Feb 28 - Jul 28 bull leg
- SUP 3: 168.46 Low Jul 1
- SUP 4: 167.46 Low Jun 23
EURJPY is in consolidation mode. The trend structure remains bullish and the cross is trading closer to its recent highs. Key support to watch lies at the 50-day EMA at 170.56. A clear break of the average is required to highlight a stronger short-term bearish threat. Moving average studies are in a bull-mode position reinforcing the primary uptrend. Key resistance to watch is the Jul 28 high of 173.97, a break would confirm a continuation of the bull cycle.
BTP TECHS: (U5) In A Range
- RES 4: 122.35 2.500 proj of the May 14 - 20 - 21 price swing
- RES 3: 122.00 Round number resistance
- RES 2: 121.73 High Jun 13 and the bull trigger
- RES 1: 121.13 High Aug 15
- PRICE: 120.36 @ Close Aug 26
- SUP 1: 119.59 Low Jul 25 and key short-term support
- SUP 2: 119.48 Low May 26
- SUP 3: 118.87 Low May 21
- SUP 4: 118.51 Low May 14 and key support
The primary trend condition in BTP futures is unchanged, the direction remains up. However, for now, the contract continues to trade inside a range and the Aug 15 sell-off signals scope for a move towards the lower end of the range. Key support to watch lies at 119.59, the Jul 25 low. A clear break of this level would highlight a range breakout and a bearish threat. Key resistance is unchanged at 121.73, the Jun 13 high.
GILT TECHS: (Z5) Bearish Theme
- RES 4: 92.15 High Aug 11
- RES 3: 92.06 High Aug 14
- RES 2: 91.45 High Aug 15
- RES 1: 91.24 High Aug 18 and a key near-term resistance
- PRICE: 90.41 @ Close Aug 25
- SUP 1: 90.25 Low Aug 22
- SUP 2: 90.11 Low May 22 and a key support
- SUP 3: 90.0089.99/ Psychological round number / Low Apr 9 (cont)
- SUP 4: 89.68 Low Jan 15 (cont)
A bear cycle in Gilt futures remains in play and yesterday’s fresh cycle low reinforces current conditions. Note that on the continuation chart, moving average studies are in a bear-mode position, highlighting a clear downtrend - for now. First support to watch is 90.25, the Aug 26 low. A break would resume the bear leg and open the 90.00 handle. Initial resistance is at 91.24, the Aug 18 high.
