COMMODITIES: Gold Rebounds, Support Remains Intact

• RES 4: 1.3175 High Oct 4 2024  
• RES 3: 1.3119 76.4% retracement of the Sep 26 ‘24 - Jan 13 bear leg
• RES 2: 1.3048 High Nov 6 ‘24
• RES 1: 1.3015 High MAr 20 and the bull trigger  
• PRICE: 1.2954 @ 16:15 GMT Mar 25 
• SUP 1: 1.2886 Low Mar 21     
• SUP 2: 1.2861 20-day EMA
• SUP 3: 1.2722 50-day EMA and a short-term pivot support  
• SUP 4: 1.2556 Low Feb 28      

The GBPUSD trend needle continues to point north and the latest shallow pullback appears corrective. Moving average studies are in a bull-mode position, highlighting a clear dominant uptrend. A resumption of gains would pave the way for a climb towards 1.3048, the Nov 6 2024 high. Initial firm support to watch is 1.2861, the 20-day EMA. Clearance of this level would signal scope for a deeper retracement towards the 50-day EMA, at 1.2722.

$15.25B to price Tuesday:

• Date $MM Issuer (Priced *, Launch #)
• 03/25 $4.4B #Bausch Health 7NC3 10%
• 03/25 $3B *MTR $500M 5Y +40, $1B 10Y +58. $1.5B 30Y +70
• 03/25 $2B #LG Energy $400M 3Y +135, $600M 5Y +145, $300M 5Y SOFR+170, $700M 10Y +170
• 03/25 $1.75B #Côte d'Ivoire 10y WAL 8.45%
• 03/25 $1.25B #NWB 3Y SOFR+36
• 03/25 $1.25B #NDB 3Y SOFR +65
• 03/25 $1B *MuniFin WNG 5Y SOFR+46
• 03/25 $1B *JFM 5Y SOFR+64
• 03/25 $1B #IDB 5Y SOFR+49
• 03/25 $500M #AerCap WNG +30NC5 6.5%
• Expected Wednesday:
• 03/26 $Benchmark Kingdom of Belgium 10Y SOFR+67a

RRP usage rebounds to $214.786B this afternoon from $196.565B Monday. Compares to $58.770B (lowest level since mid-April 2021) on February 14. The number of counterparties at 48.