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China Repo Rates Diverge on Wednesday

AUSSIE BONDS

ACGB Nov '31 Supply Easily Absorbed

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Semi-Government Bond Purchase Offer Details

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  • RES 4: $27.831 - High Jun 16
  • RES 3: $26.775/27.245 - High Jul 6 and key resistance / High Jun 17
  • RES 2: $26.467 - High Jul 14
  • RES 1: $25.801 - High Jul 29
  • PRICE: $25.507 @ 07:24 BST Jul 30
  • SUP 1: $24.496 - Low Jul 28
  • SUP 2: $24.257 - Low Apr 1
  • SUP 3: $23.781 - Low Mar 31and key support
  • SUP 4: $23.524 - Low Dec 7, 2020

Silver traded lower Tuesday confirming a resumption of the downtrend. Price has since recovered although gains are likely corrective. The outlook is bearish with a price sequence of lower lows and lower highs continuing to dominate. Attention is on $24.257, Apr 1 low and key support at $23.781, the Mar 31 low. Moving average studies also point south, reinforcing the current trend direction. Initial resistance is at $25.801, Jul 29 high.