SILVER TECHS: Uptrend Remains Intact

• RES 4: 0.6471 High Dec 9 ‘24 
• RES 3: 0.6429 High Dec 12 ‘24               
• RES 2: 0.6414 38.2% retracement of the Sep 30 ‘24 - Feb 3 bear leg 
• RES 1: 0.6409 High Feb 21
• PRICE: 0.6364 @ 08:11 GMT Feb 24
• SUP 1: 0.6314/6231 50-day EMA / Low Feb 10 
• SUP 3: 0.6171/6088 Low Feb 4 / 3
• SUP 3: 0.6045 1.500 proj of the Sep 30 - Nov 6 - 7 price swing
• SUP 4: 0.6000 Round number support

A bullish condition in AUDUSD remains intact and last week’s gains reinforce the current bullish set-up. Sights are on key resistance at 0.6410/14 - the 100-dma and the 38.2% retracement of the Sep 30 ‘24 - Feb 3 bear leg respectively. A clear break of both levels would set the scene for the next leg higher for the pair, making 0.6429 the next target, the Dec 12 ‘24 high. The 50-day EMA undercuts as support, crossing at 0.6314.

ROLL PACE: All the early volume in Gilt is spread related, pretty much 100% of the front Month Volume is related to the roll.

• Ultra 30: 30%.
• TBond: 31%.
• Ultra 10: 23%.
• TYA: 35%.
• FVA: 31%.
• TUA: 32%.
• Gilt: 20% (as of Friday).

• RES 4: 6205.38 0.764 proj of the Jan 13 - 24 - Feb 3 price swing     
• RES 3: 6200.00 Round number resistance 
• RES 2: 6178.75 High Dec 6 and key resistance
• RES 1: 6088.20/6166.50 20-day EMA / High Jan 24                 
• PRICE: 6054.25 @ 07:54 GMT Feb 24 
• SUP 1: 6014.00 Low Feb 10           
• SUP 2: 5935.50 Low Feb 3
• SUP 3: 5892.37 76.4% retracement of the Aug 5 - Dec 6 bull leg
• SUP 4: 5842.50 Low Jan 14

S&P E-Minis faded sharply off their recent highs last week. The move down appears corrective - for now - and a bullish theme is intact. Attention is on the key resistance at 6178.75, the Dec 6 ‘24 high. A break of this hurdle would resume the primary longer-term uptrend. On the downside, initial key near-term support has been defined at 6014.00, the Feb 10 low. A breach would highlight a bearish development and expose 5935.50, the Feb 3 low.