GOLD TECHS: Trend Structure Remains Bullish

• RES 4: $3547.9 - 1.764 proj of the Feb 28 - Apr 3 - Apr 7 price swing
• RES 3: $3500.1 - High Apr 22 and bull trigger
• RES 2: $3451.3 - High Jun 16  
• RES 1: $3409.2/3439.0 - High Aug 8 / 23             
• PRICE: $3336.7 @ 07:25 BST Aug 19
• SUP 1: $3268.2 - Low Jul 30 
• SUP 2: $3248.7 - Low Jun 30 and the bear trigger
• SUP 3: $3204.7 - Low May 20
• SUP 4: $3121.0 - Low May 15 and key support 

A bull cycle in Gold remains intact and this is highlighted by moving average studies that remain in a bull-mode position. The sideways trend that has been in place since the Apr peak appears to be a corrective phase - a pause in the uptrend. A resumption of gains would open $3439.0, the Aug 23 high. Key resistance and the bull trigger is at $3500.1, the Apr 22 low. On the downside, first support to watch lies at $3268.2, the Jul 30 low.

• There's very little change for Bund going into the European session, the 2.80% Yield level has again held Yesterday, after also holding on Friday.
• As such, the initial support in Bund remains unchanged at around 128.57, printed a 128.64 low in Futures and a 2.791% high in Yield on Friday.
• Small resistance is at 129.18, followed by 129.62.
• There are no Tier 1 Data out of Europe, and the Canadian CPI will be the only notable release for North America Today.
• Main Focus this Week is on the UK CPI (wed), PMIs (thu), Japan CPI, and all eyes on Powell (fri).
• SUPPLY: UK £1.6bn 2035 Linkers (won't impact Gilts). Germany €4.5bn 5yr Bobl (equates to 42k Bobl) should weigh into the Bidding Deadline.
• SPEAKERS: Fed Bowman (x2).

• RES 4: $81.07 - 2.764 proj of the Apr 9 - 23 - May 5 price swing
• RES 3: $79.86 - 2.618 proj of the Apr 9 - 23 - May 5 price swing
• RES 2: $77.73 - High Jun 23 and a bull trigger 
• RES 1: $72.83 - High Jul 30 and a key resistance 
• PRICE: $66.30 @ 07:09 BST Aug 19
• SUP 1: $65.01 - Low Aug 13
• SUP 2: $60.96 - Low May 30
• SUP 3: $58.18 - Low May 5
• SUP 4: $57.74 - Low Apr 9 and a key support   

Brent futures remain in a bear cycle and the contract is trading closer to its recent lows. Sights are on $65.01, the Aug 13 low, where a clear break would confirm a resumption of the bear leg and pave the way for an extension lower. A clear breach would open $60.96, the May 30 low. Key short-term resistance has been defined at $72.83, the Jul 30 high. Clearance of this level would cancel a bear theme.