SOUTH AFRICA: Godongwana To Present 2025 Budget Despite Lack Of GNU Consensus

• RES 4: $3000.0 - Psychological round number   
• RES 3: $2962.2 - 2.00 proj of the Nov 14 - Dec 12 - 19 price swing 
• RES 2: $2917.5 - 1.764 proj of the Nov 14 - Dec 12 - 19 price swing
• RES 1: $2900.0 - Round number resistance    
• PRICE: $2894.7 @ 07:31 GMT Feb 10 
• SUP 1: $2834.3 - Low Feb 6  
• SUP 2: $2776.3 - 20-day EMA  
• SUP 3: $2754.3 - Low Jan 30  
• SUP 4: $2716.9 - 50-day EMA

A bull cycle in Gold remains in play and the yellow has again traded to a fresh cycle high, today. The continued appreciation once again confirms a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. Moving average studies are in a bull mode position too, highlighting a dominant uptrend. Sights are on the $2900.0 handle next. The first key support to watch is $2776.3, the 20-day EMA.

• RES 4: 162.70 High Jan 28 
• RES 3: 161.40 50-day EMA   
• RES 2: 160.50 20-day EMA
• RES 1: 157.97/158.86 Low Feb 3 / High Feb 6
• PRICE: 156.79 @ 07:20 GMT Feb 10  
• SUP 1: 155.61 Intraday low 
• SUP 2: 155.19/15 3.0% 10-dma envelope / Low Sep 16 ‘24
• SUP 3: 154.42 Low Aug 5 ‘24 and key medium-term support
• SUP 4: 153.87 Low Dec 14 ‘23  

A bear cycle in EURJPY remains present and last week’s move down reinforces current conditions. The cross cleared 158.24, 76.4% of the Dec 3 - 30 bull cycle, and pierced 156.18, the Dec 3 low and key support. A continuation lower would open 155.15, the Sep 16 ‘24 low. Initial firm resistance to watch, and a pivot level, is 161.40, the 50-day EMA. The short-term trend is oversold, gains would allow this condition to unwind.

 J.P.Morgan recommend long 30-Year OLOs vs. OATs.

• They look for a 30-Year OLO syndication this week and expect the recent run of long end post-syndication performance to continue.