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SPAIN T-BILL AUCTION RESULTS

3/9-month letras

EGB OPTIONS

Aug Bund 1x1.5x1 Call Fly Buyer

BOND SUMMARY

EGBs-GILTS: Constructive Start

EUROZONE ISSUANCE

Clarify: NGEU not NEGU

EUROZONE ISSUANCE

NEGU 10y - final spread set

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  • RES 4: $1855.5 - High Feb 10
  • RES 3: $1851.5 - 50.0% retracement of the Jan 6 - Mar 8 sell-off
  • RES 2: $1830.8 - High Feb 12
  • RES 1: $1818.1 - 50.0% retracement of the Jan 6 - Mar 8 sell-off
  • PRICE: $1813.8 @ 15:04 BST May 6
  • SUP 1: 1772.2 20-day EMA
  • SUP 2: $1756.2 - Low Apr 29 and key near-term support
  • SUP 3: $1734.5 - Low Apr 15
  • SUP 4: 1721.4 - Low Apr 5

Gold has rallied today and cleared resistance at $1797.9, Apr 22 high. Today's gains confirm a resumption of the uptrend that started early August where a reversal pattern in the shape of a double bottom began. This pattern was confirmed on Apr 8. The move higher paves the way for a climb towards $1818.1, the 50.0% retracement of the Jan 6 - Mar 8 sell-off. On the downside, ket support has been defined at $1756.2.