UTILITIES: Iberdrola (IBESM Baa1/BBB+/A-): 4Q24 Results Out

• RES 4: 2817.6 - 1.236 proj of the Nov 14 - Dec 12 - 19 price swing     
• RES 3: $2800.0 - Round number resistance  
• RES 2: $2790.1 - Oct 31 ‘24 all-time high   
• RES 1: $2786.0 - HIgh Jan 24      
• PRICE: $2742.6 @ 07:24 GMT Jan 28
• SUP 1: $2702.2/2671.6 - 20- and 50-day EMA values   
• SUP 2: $2614.8/2583.6 - Low Jan 6 / Low Dec 19
• SUP 3: $2564.4 - Low Nov 18 
• SUP 4: $2536.9 - Low Nov 14 and a key support 

Despite yesterday’s pullback, Gold is trading closer to its recent highs. A bull cycle is in play and the breach of resistance at 2726.2, the Dec 12 high, reinforces current conditions. Sights are on $2790.1, the Oct 31 all-time high. A break of this hurdle would confirm a resumption of the primary uptrend. On the downside, the first key support to watch is $2671.6, the 50-day EMA. A reversal lower and a breach of this average would reinstate a bearish threat.

• A tighter 10 ticks overnight range session for the German Bund, but the contract did gap lower on report that Trump's Treasury secretary Scott Bessent is backing to Levy a 2.5% Universal tariffs on US imports that would increase on a Month to Month Basis.
• Moves have been far more pronounced in the Dollar.
• Nonetheless, initial support will be at 131.33 (Monday's gap) in Bund, followed by the 131.00 figure.
• The small opening gap was up to 131.61, but this has now been closed on the Cash open.
• Better resistance is still seen at 132.22 and 132.57 initially.
• There's very little on the Data front for today, these start Tomorrow, but really picks up on Thursday/Friday.
• For Today, US prelim durable goods is the notable release.
• SUPPLY: Netherlands €2.5bn 2030 (would equate to 22.5k Bobl) could weigh, UK sells a 2035 linker (won't impact Gilt), Italy €3bn 2027 (equates to 26.5k short 2yr BTP) could weigh, the 2029, 2036 Linkers won't impact BTP.
• US sells $30bn of 2yr FRN (won't Impact Treasuries), sells $44bn of 7yr notes (the main focus for the US).
• SYNDICATION: Austria 10yr and 2049 Green.
• SPEAKERS: ECB Villeroy, Cippolone.

• The DMO will announce at 7:30GMT whether it will hold a tender on Thursday this week for a potential conventional sub-5 year gilt (and the size of the tender).
• As we noted yesterday, we think that the 0.125% Jan-26 gilt (ISIN: GB00BL68HJ26) is the most likely candidate with a size of GBP1.0-2.0bln probable.
• See our rationale in our bullet yesterday.