SILVER TECHS: Trend Structure Remains Bullish
- RES 4: $56.153 2.500 proj of the Aug 20 - Sep 16 - 17 price swing
- RES 3: $55.444 2.382 proj of the Aug 20 - Sep 16 - 17 price swing
- RES 2: $55.000 Round number resistance
- RES 1: $54.480 - High Oct 17 and the bull trigger
- PRICE: $50.9000 @ 08:11 GMT Nov 20
- SUP 1: $49.363 - Low Nov 18
- SUP 2: $47.671/45.557 - 50-day EMA / Low Oct 28
- SUP 3: $41.135 - Low Sep 17
- SUP 4: $38.087 - Low Aug 27
Trend signals in Silver remain bullish and the latest pullback appears corrective, for now. Support to watch lies at the 50-day EMA, at $47.671. A clear breach of this average would signal scope for a deeper retracement. On the upside, a resumption of gains would refocus attention on the bull trigger at $54.480, the Oct 17 high. Clearance of this level would confirm a resumption of the primary uptrend and open $55.444, a Fibonacci projection.
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SCHATZ: Swap related trade
Schatz Swap related trade, suggest Payer:
- DUZ5 10.84k at 107.20.
FOREX: FX OPTION EXPIRY
Of note:
EURUSD ~1bn at 1.1600.
EURUSD 1bn at 1.1595/1.1600 (wed).
NZDUSD 1.1bn at 0.5700 (wed).
EURUSD 1.08bn at 1.1650 (thu).
AUDUSD 1.6bn at 0.6450 (fri).
- EURUSD: 1.1600 (961mln), 1.1620 (200mln), 1.1640 (705mln), 1.1670 (266mln), 1.1685 (360mn), 1.1700 (941mln).
- USDJPY: 150.85 (349mln).
- AUDUSD: 0.6495 (310mln), 0.6500 (484mln).
- USDCNY: 7.1075 (715mln), 7.1400 (759mln).
JAPAN: Cabinet Ministers Confirmed w/New PM To Deliver Presser @ 22:00JST
Following the election of Liberal Democratic Party (LDP) President Sanae Takaichi as Japan's first-ever female prime minister earlier today, the incoming Chief Cabinet Secretary (CCS) Minoru Kihara is announcing the identity of those who will serve in her first Cabinet.
- As expected, outgoing CCS and third-placed challenger in the LDP leadership contest Yoshimasa Hayashi becomes Internal Affairs and Communications Minister. The runner-up in the leadership contest, Shinjiro Koizumi, becomes Minister of Defence.
- Toshimitsu Motegi becomes Foreign Minister, a post he previously held from 2019-2021 under the late Shinzo Abe and his successors Yoshihide Suga and Fumio Kishida.
- Satsuki Katayama becomes Finance Minister. As MNI noted earlier, "Earlier this year (March 25) she gave an interview with Reuters, where she stated that the yen was undervalued. [...] Viewpoints from the new government [...] around the yen will be eyed closely, as Takaichi, as the new PM, has generally been seen as a negative yen development (pushing back on BoJ rate hikes etc)." (see 'JAPAN: 'Proposed New Japan FinMin Saw Yen Undervalued In Earlier 2025 Remarks', 01:31BST).
- Kimi Onoda will become Economic Security Minister, with Minoru Kiuchi as Economic Revitalisation Minister.
- Reuters reports that Takaichi will hold a presser at 09:00ET/14:00BST/15:00CET/22:00JST.
- Of the 18 Cabinet members, 10 are new to gov't, with the average age coming in at 59. Compared to 12 of the 18 ministers in outgoing PM Shigeru Ishiba's cabinet being factionless, the largest single cohort (six ministers) in Takaichi's cabinet comes from the conservative former Heisei Kenkyukai faction, which Motegi led until its dissolution.
