Gilt calls, 93.28/93.35
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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.
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.
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