SILVER TECHS: Pierces Resistance

• RES 4: $34.903 - High Oct 23 and the bull trigger  
• RES 3: $33.125 - High Nov 1 
• RES 2: $32.338 - High Dec 12 and a key resistance  
• RES 1: $30.507 - 50-day EMA                             
• PRICE: $30.184 @ 08:07 GMT Jan 7  
• SUP 1: $28.748 - Low Dec 19        
• SUP 2: $28.446 - 76.4% retracement of the Aug 8 - Oct 23 bull cycle 
• SUP 3: $27.686 - Low Sep 6 
• SUP 4: $26.451 - Low Aug 8  

A bear cycle in Silver that started Oct 23 remains in play - for now - and recent gains are considered 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.

• EUR Benchmark 10Y Fixed (June 22, 2035) MS+68 Area
• Coupon: Annual, act/act, short first
• Issuer: Kingdom of Belgium Government Bond (BGB)
• Format: Reg S CAT1, dematerialized, senior unsecured, 144a eligible
• Settlement: Jan. 14, 2025
• Denoms: 0.01 x 0.01
• ISIN: BE0000363722
• Bookrunners: BNPP (B&D), CA-CIB, HSBC, JPM, MS

(As per Bloomberg).

• RES 4: 1.4674 2.0% 10-dma envelope
• RES 3: 1.4539 3.382 proj of the Oct 17 - Nov 1 - 6 price swing
• RES 2: 1.4508 3.236 proj of the Oct 17 - Nov 1 - 6 price swing
• RES 1: 1.4467 High Dec 19 
• PRICE: 1.4305 @ 08:03 GMT Jan 7 
• SUP 1: 1.4322/4280 20-day EMA / Low Jan 6  
• SUP 2: 1.4232 Low Dec 17 
• SUP 3: 1.4155 50-day EMA
• SUP 4: 1.4011 Low Dec 5

USDCAD traded lower Monday. The trend set-up remains bullish and a move down appears corrective - for now. The latest pause in the uptrend appears to be a flag formation - a bullish continuation signal. Note too that MA studies are in a bull-mode position, highlighting a dominant uptrend. Sights are on 1.4508 next, a Fibonacci projection level. 1.4322, the 20-day EMA, has been pierced. A clear break of the EMA would open 1.4155, the 50-day EMA.