GOLD: ETF and CB Flows Supportive, But Price Rises Eat Into Jewellery Demand

• RES 4: 0.8530 76.4% retracement of the Aug 8 - Dec 19 ‘24 bear leg         
• RES 3: 0.8494 High Aug 26 ‘24 
• RES 2: 0.8474 High Jan 20 and a key resistance
• RES 1: 0.8428/8450 High Mar 18 / 11 and the bull trigger     
• PRICE: 0.8378@ 06:31 GMT Mar 24 
• SUP 1: 0.8351/46 50-day EMA and pivot support / Intraday low      
• SUP 2: 0.8321 61.8% retracement of the Mar 3 - 11 bull leg 
• SUP 3: 0.8391 76.4% retracement of the Mar 3 - 11 bull leg 
• SUP 4: 0.8241 Low Mar 3 and a key support 

EURGBP remains in a retracement mode. The cross has recently breached 0.8369, the Mar 14 low, and attention is on the 50-day EMA, at 0.8351. The average marks a key short-term pivot level. It has been pierced, a clear break would undermine the recent bull theme and signal scope for a deeper pullback, towards 0.8321, a Fibonacci retracement. Key resistance and the bull trigger is 0.8450, the Mar 11 high.

• -12,000 FFN5 95.86, post time bid at 1038:41ET

• 5,000 SFRU5 1Y bundles (SFRU5-SFRM6) -0.060 at 1031:03ET. Likely swap-tied buying with spreads running tighter in the vicinity.