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EGB/Gilt: PMIs Point To Contraction


SONIA FIX - 22/07/22


JAPAN FIX - 22/07/22


US FIX - 22/07/22

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GOLD TECHS: $1307.3 Loss Opens Way To $1302.2-$1301.4 Next
*RES 4: $1336.8 Base of broken 9 week bull channel
*RES 3: $1332.8 Apr 24 high
*RES 2: $1325.0 Apr 30 high
*RES 1: $1315.4 Apr 26 low, now resistance
*PRICE: $1310.6 @0932GMT
*SUP 1: $1301.4/2.2 50% Fibo of $1236.6-$1366.2, Jan 1 low
*SUP 2: $1299.3 Nov 27 high, now support
*SUP 3: $1286.1 61.8% Fibo of $1236.6-$1366.2
*SUP 4: $1280.1 Rising Weekly support line from Dec 2016
*COMMENTARY* Last week saw a break below the 8 week bull channel, at $1336.8
today, following the failure to reclaim levels back above the year's $1366.2
high earlier in the month. Further loss of the 61.8% Fibo retrace level at
$1326.7, opens the way for a continued fall and with $1307.3 also going
yesterday, suggests a test of the year's $1302.2 low and 50% Fibo level at
$1301.4. In the meantime, $1315.4-$1325.0 presents initial resistance.

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