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GILT AUCTION RESULTS: 0.125% Jan-28 Gilt Tender Result
| 0.125% Jan-28 Gilt | Previous | |
| Amount | GBP1.25bln | GBP2.00bln |
| Avg yield | 3.783% | 3.768% |
| Bid-to-cover | 3.84x | 3.52x |
| Tail | 0.4bp | 0.7bp |
| Avg price | 91.973 | 90.698 |
| Low price | 91.965 | 90.682 |
| Pre-auction mid | 91.958 | 90.684 |
| Previous date | 15-May-25 |
COMMODITIES: Fresh Cycle Highs in Gold Reinforces Current Conditions
WTI futures remain in a bear-mode condition and gains are considered corrective. Last week’s sell-off resulted in a move through key support and the bear trigger at $60.85, the Aug 13 low. Clearance of this level strengthens a bearish theme and paves the way for an extension towards $57.50, the May 30 low. Initial firm resistance has been defined at $66.42, the Sep 29 high. Clearance of this level would highlight a reversal. A bull cycle in Gold remains in play and Monday’s fresh cycle high, reinforces current conditions. This maintains the price sequence of higher highs and higher lows. Furthermore, momentum studies highlight a condition known as momentum drag - where momentum studies remain in overbought territory and move sideways - a bullish signal. Sights are on $3987.3 next, a Fibonacci projection. Support to watch lies at $3753.2, the 20-day EMA.
- WTI Crude down $0.11 or -0.18% at $61.6
- Natural Gas up $0.04 or +1.04% at $3.394
- Gold spot down $7.78 or -0.2% at $3951.39
- Copper up $2.4 or +0.48% at $506.05
- Silver down $0.3 or -0.61% at $48.186
- Platinum down $10.18 or -0.63% at $1613.01
EQUITIES: Bullish Theme in E-Mini S&P Intact, Sights on $6812.29 Proj. Level
Eurostoxx 50 futures remain in a bull-mode condition. Last week’s gains resulted in a breach of key resistance at 5525.00, the Aug 22 high. The break confirms a resumption of the uptrend. The impulsive climb opens the 5700.00 handle next, with potential for a test of 5727.18 further out, a Fibonacci projection. Moving average studies are in a bull-mode position too, highlighting a dominant uptrend. Initial firm support is 5525.00, Aug 22 high. A bull cycle in S&P E-Minis remains intact. The contract traded to a fresh cycle high last week to confirm a resumption of the uptrend and maintain the positive price sequence of higher highs and higher lows. Sights are on 6812.29, a Fibonacci projection. Initial support to watch is at the 20-day EMA, at 6694.17. It has recently been pierced, a clear break of it would signal scope for a deeper pullback, potentially towards the 50-day EMA, at 6575.48.
- Japan's NIKKEI closed higher by 6.12 pts or +0.01% at 47950.88 and the TOPIX ended 1.85 pts higher or +0.06% at 3227.91.
- Across Europe, Germany's DAX trades lower by 31.66 pts or -0.13% at 24350.3, FTSE 100 higher by 9.68 pts or +0.1% at 9488.7, CAC 40 down 4.88 pts or -0.06% at 7966.9 and Euro Stoxx 50 down 4.83 pts or -0.09% at 5623.89.
- Dow Jones mini down 102 pts or -0.22% at 46856, S&P 500 mini down 8.5 pts or -0.13% at 6780.5, NASDAQ mini down 26.25 pts or -0.1% at 25159.
