TURKEY: Turkey Raises Natural Gas Price by 24.6% for Households

• RES 4: $36.000 - Round number resistance 
• RES 3: $34.903 - High Oct 23 ‘24 and the bull trigger
• RES 2: $34.590 - High Mar 28  
• RES 1: $33.686/700 - High Apr 25 / High May 22
• PRICE: $33.260 @ 08:10 BST Jun 2 
• SUP 1: $31.651 -  Low May 15 
• SUP 2: $30.915/28.351 - Low Apr 11 / 7 and the bear trigger
• SUP 3: $27.686 - Low Sep 6 ‘24   
• SUP 4: $27.180 - Low Aug 14 ‘24   

A bullish theme in Silver remains intact and price is trading closer to its recent highs. Key short-term support has been defined at $31.651, the May 15 low. A clear break of this level is required to highlight a reversal and signal scope for a deeper retracement. This would open $30.915, the Apr 11 low. For bulls, resistance to watch is $33.686, the Apr 25 high. It has been pierced, a clear break of it would confirm a resumption of the uptrend.

Bond traders will navigate through the Data and Risk Events to roll their Positions into September this Week.

Pace as off Friday:

• Buxl: 8%.
• Bund: 12%.
• Bobl: 9%.
• Schatz: 11%.
• BTP: 10%.
• BTS: 12%.
• OAT: 15%.

• RES 4: 1.4200 Round number resistance
• RES 3: 1.4111 High Apr 4
• RES 2: 1.3957/1.4016 50-day EMA / High May 12 and 13
• RES 1: 1.3854 20-day EMA
• PRICE: 1.3694 @ 08:07 BST Jun 2 
• SUP 1: 1.3686 Low May 26 and bear trigger    
• SUP 2: 1.3643 Low Oct 9 ‘24
• SUP 3: 1.3579 1.500 proj of the Feb 3 - 14 - Mar 4 price swing 
• SUP 4: 1.3503 1.618 proj of the Feb 3 - 14 - Mar 4 price swing 

A downtrend in USDCAD remains intact. The pair is trading lower today and is approaching support at 1.3686, the May 26 low and bear trigger. A breach of this short-term support would confirm a resumption of the downtrend and maintain the price sequence of lower lows and lower highs. This would open 1.3643, the Oct 9 2024 low. Resistance at the 50-day EMA is at 1.3957 - a key level. The 20- EMA is at 1.3854.