GOLD TECHS: Unwinding An Overbought Condition
Apr-23 13:54
- RES 4: $3600.0 - Round number resistance
- RES 3: $3578.0 - 2.000 proj of the Dec 19 - Feb 24 - Feb 28 swing
- RES 2: $3547.9 - 1.764 proj of the Feb 28 - Apr 3 - Apr 7 price swing
- RES 1: $3500.1 - High Apr 22
- PRICE: $3277.4 @ 14:53 BST Apr 23
- SUP 1: $3230.0 - Low Apr 16
- SUP 2: $3184.2 - 20-day EMA
- SUP 3: $3167.8 - High Apr 3 and a recent breakout level
- SUP 4: $3047.0 - 50-day EMA
The trend needle in Gold continues to point north and this week’s fresh cycle high reinforces bullish conditions. The latest move down - a correction - is allowing an overbought trend condition to unwind. Moving average studies are unchanged, they remain in a bull-mode position highlighting a dominant uptrend. The next objective is $3547.9, a Fibonacci projection. Initial firm support to watch lies at 3184.2, the 20-day EMA.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
US TSY FUTURES: Post-Flash PMI React
Mar-24 13:53
- Treasury futures extend lows after S&P Flash PMI services and composite data comes out higher then expected while manufacturing declines.
- The Jun'25 10Y currently trades 110-21 (-14) vs. 110-20 low -- sitting on initial technical support, next level at 110-12+ Low Mar 6 & 13. Resistance above at 111-25 (Mar 11 high), support below at 110-12.5/110-00 (Low Mar 6 & 13 / High Feb 7).
- Tsy 10Y yield climbs to 4.3153% high, curves still mixed: 2s10s +.472 at 29.864, 5s30s -1.851 at 56.572.
BONDS: MNI Europe Pi: Short Lean Extends Across Contracts
Mar-24 13:51
We've just published our latest Europe Pi positioning indicator - Download Full Document Here
- Since the quarterly rolls at the turn of Feb/Mar, European bond futures contracts have leaned increasingly toward structural shorts.
- 5 of 6 Eurex contracts tracked by MNI Pi are in either short or very short territory, with BTP the exception.
- BTP, as well as Gilts, appear to be drifting toward the short side.
- Last week saw a combination of short covering and long-setting.
USD: USDJPY is testing 150.00 post US PMIs
Mar-24 13:49
- USDJPY makes an attempt at 150.00, while the US Mfg PMI missed expectations, Services and Composite saw strong beat.
- Immediate resistance is still at 150.15/150.18.
