BUND TECHS: (U5) Approaching Resistance

• 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 - High Apr 25                                        
• PRICE: $33.147 @ 08:10 BST May 13
• SUP 1: $31.668 -  Low May 1
• 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 the latest pullback that started Apr 25, is likely a correction. Key short-term support has been defined at $31.668, the May 1 low. A break of this level would signal scope for a deeper retracement and open $30.915, the Apr 11 low. For bulls, resistance to watch is $33.686, the Apr 25 high. Clearance of this level would confirm a resumption of the uptrend.

The DMO takes account of yesterday's consultations with gilt investors and market makers:

• "The DMO is planning to schedule one syndicated offering during the period for the sale of a new medium conventional gilt with the transaction planned to take place in September 2025. The DMO set out preliminary proposals for a schedule of programmatic gilt tenders in Q2 2025-26."
• The syndication scheduling comes after GEMMs and gilt investors raised strong support for such a medium conventional syndication in Q2 2025-26 for a gilt maturing in either 2035 or 2036.
• Gilt auctions and programmatic gilt tenders were also discussed in detail.

• RES 4: 1.4296 High Apr 7
• RES 3: 1.4111 High Apr 4 
• RES 2: 1.4035 50-day EMA 
• RES 1: 1.4016 High May 12
• PRICE: 1.3973 @ 08:07 BST May 13
• SUP 1: 1.3814/3751 Low May 8 / 6 and the bear trigger  
• SUP 2: 1.3744 76.4% retracement of Sep 25 ‘24 - Feb 3 bull run
• SUP 3: 1.3696 Low Oct 10 2024
• SUP 4: 1.3643 Low Oct 9 ‘24 

USDCAD continues to trade above its recent lows. Despite the latest gains, the trend condition remains bearish and the move higher is considered corrective. A fresh cycle low last week reinforces the bearish theme. Potential is seen for a move towards 1.3744, a Fibonacci retracement. Note that moving average studies are in a bear mode position, highlighting a dominant downtrend. Key resistance is seen at 1.4035, the 50-day EMA.