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

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Challenging The 50-Day EMA

GOLD TECHS
  • RES 4: $1853.3 - 61.8% retracement of the Jun 1 - 29 decline
  • RES 3: $1833.7 - 50.0% retracement of the Jun 1 - 29 decline
  • RES 2: $1825.4 - High Jun 17
  • RES 1: $1813.4/18.5 - 50-day EMA / High Jul 8
  • PRICE: $1813.5 @ 07:21 BST Jul 14
  • SUP 1: $1791.7 Low Jul 12
  • SUP 2: $1774.4/1750.8 - Low Jul 2 / Low Jun 29
  • SUP 3: $1733.5 -76.4% retracement of the Mar 8 - Jun 1 rally
  • SUP 4: $1723.8 - Low Apr 13

Gold continues to consolidate. The yellow metal maintains a firmer short-term tone though following the recent recovery from $1750.8, Jun 29 low. Attention is on the 50-day EMA at $1813.4 today. The EMA represents a key resistance area and a clear break would suggest scope for stronger gains. This would open $1833.7, a Fibonacci retracement. A failure at the 50-day EMA would be bearish and signal scope for a return to $1750.8.

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