FED'S DALY SAYS THERE'S NO URGENCY TO CUT RATES

MNI China Daily Summary: Tuesday, April 2

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CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS TUES

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EZ/UK Bond Supply Calendar: Belgian 30Y USD and Bund Auction Weds

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Price Signal Summary - Oil Futures Remain Vulnerable

OUTLOOK
  • On the commodity front, Gold remains in an uptrend and recent weakness appears to have been a correction. The yellow metal recently breached $1786.5, the Nov 15 high and a bull trigger. Sights are on resistance at $1807.9, Aug 10 high that was pierced on Dec 5. A clear break would be bullish. Initial support is at $1761.8, the 20-day EMA.
  • In the Oil space, WTI remains vulnerable and the impulsive sell-off last week reinforces a bearish theme. The focus is on a move to test and break the psychological $70.00 handle. Key resistance is at $81.73, the 50-day EMA. Initial resistance is at the 20-day EMA, at $78.23.
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