MNI China Daily Summary: Monday, July 29

MNI: China CFETS Yuan Index Up 0.15% In Week of Jul 26

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1316 Mon; -1.56% Y/Y

CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1316 MON VS 7.1270

CBI Retail Sales Fell Faster Than Expected For The Second Month

MNI: UK CBI JUL DIST TRADE REPORTED SALES -43

MNI: UK BOE JUN MORTGAGE APPROVALS 59,976

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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Bullish Short-Term Outlook

GOLD TECHS
  • RES 4: $2059.2 - High Mar 9
  • RES 3: $2007.9 - 76.4% retracement of the Mar 8 - 29 downleg
  • RES 2: $2001.6 - 61.8% retracement of the Mar 8 - 29 downleg
  • RES 1: $1998.4 - High Apr 18
  • PRICE: $1975.5 @ 07:22 BST Apr 19
  • SUP 1: $1951.6/24.2 - 20-day EMA / 50-day EMA
  • SUP 2: $1890.2 - Low Mar 29 and a bear trigger
  • SUP 3: $1878.4 - Low Feb 24
  • SUP 4: $1848.8 - 76.4% retracement of the Jan 28 - Mar 8 rally

Gold traded higher Monday but has moved back into its recent tight range. The outlook is bullish, following the recent move above $1966.1, Mar 24 high. The breach highlighted a range breakout and suggests scope for an extension of current short-term gains. The focus is on $2001.6 next, a Fibonacci retracement. On the downside, key support has been defined at $1890.2, Mar 29 low. A break of this support would reinstate a bearish threat.

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