WTI TECHS: (V5) Still Looking For Weakness

• 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: $3324.2 @ 07:25 BST Aug 20
• 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 

Despite the latest pullback, a bull cycle in Gold remains intact. Moving average studies are 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.

Ahead of today’s new 7-year RFGB syndication, Danske Bank note that “Finland will have fulfilled more than 85% of the 2025 issuance target after the transaction if it sells EUR3bn. Fair value relative to the Finnish ASW-spread curve vs 6M Euribor is MS+29bp”.

• Note that MNI also pencils in a E3bln WNG transaction. 

• The German Bund saw a 13 ticks drop on the Open following a 1 tenth beat in the UK CPI versus Consensus, but the move was quickly reversed and Bund has pushed back above Cash Opening level, to test a new intraday high, and the initial resistance of 129.18 (Friday's high).
• The resistance was seen at 129.18, but with this level being cleared this will be followed by 129.62 next.
• Technically, the support in Futures is unchanged at the 2.80% Yield, circa the 128.57 area.
• With the touch above Inflation Data for the UK out of the Way, EU Final CPI is the only Data left for the session.
• Some will look Towards the FOMC minutes, but won't be moving the needle with Powell due on Friday.
• SUPPLY: Germany 20s, 30s (equates to 17.3k Buxl) could weigh. US Sells $16bn at 20yr Bonds.
• ECB Lagarde, {us} Fed Waller, Bostic.