POWER: French DA Clears At Discount to Germany For First Time Since 5 Feb

• On the commodity front, recent gains in Gold appear corrective - for now. However, the yellow metal is holding on to the bulk of last week’s gains and scope is seen for a continuation higher near-term. A stronger recovery would open $2726.2, the Dec 12 high and an important short-term resistance. Clearance of this level would be a bullish development. On the downside, a reversal lower would expose $2583.6, the Dec 19 low. Initial support is at $2642.1, the 50-day EMA.
• In the oil space, the trend structure in WTI futures remains bullish and the contract is again trading higher, today. The stronger reversal to the upside has resulted in a breach of key short-term resistance at $76.41, the Oct 8 high. Clearance of this hurdle strengthens a bull theme and opens $79.59, the Jul 5 ‘24 high. On the downside, a reversal lower would expose the 20-day EMA, at $72.05. This average is seen as a key short-term support.

Net short setting dominated through SFRM8 on Friday, as the NFP data drove an aggressive round of hawkish repricing.

• Only isolated rounds of net long cover were seen through the blues.

Schatz Block trade, suggest buyer:

• DUH5 ~4.13k at 106.525.