EQUITIES: EU Cash opening calls

Gilt calls, these DO NOT take into account the UK CPI, and given that Sonia is up 11.5 ticks in the red, Desks will look for further upside risks.

• Range would have been 89.30/89.47.

• RES 4: $34.903 - High Oct 23 and the bull trigger  
• RES 3: $33.125 - High Nov 1 
• RES 2: $32.338 - High Dec 12 and a key resistance  
• RES 1: $30.661 - High Jan 10                             
• PRICE: $29.992 @ 07:56 GMT Jan 15  
• SUP 1: $28.748 - Low Dec 19        
• SUP 2: $28.446 - 76.4% retracement of the Aug 8 - Oct 23 bull cycle 
• SUP 3: $27.686 - Low Sep 6 
• SUP 4: $26.451 - Low Aug 8  

A bear cycle in Silver that started Oct 23 remains in play - for now - and recent gains appear corrective. The metal has recently breached support at $29.642, the Nov 28 low. The break lower opens $28.446, a Fibonacci retracement. Note that moving average studies are in a bear-mode position highlighting a dominant downtrend. Key resistance has been defined at $32.338, the Dec 12 high. A break of this level would signal a reversal.

Estox 50: +0.36%, Dax: +0.29%, CAC: +0.33%, FTSE +0.52%, SMI +0.29%.