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UK DATA

UK Monthly GDP Rose As Schools Reopen

SILVER TECHS

Bulls Still In Charge

UK DATA

UK GDP Down in Q1 Amid Lockdown

Decline Stalls

GILT TECHS
  • RES 4: 139.70 Low Mar 3 (cont)
  • RES 3: 139.05 High Mar 12 (cont)
  • RES 2: 138.99 High May 22 (cont)
  • RES 1: 138.93 High Aug 4
  • PRICE: 138.47 @ Close Aug 6
  • SUP 1: 137.86 Low Aug 6
  • SUP 2: 137.82 Low Jul 24 and key support
  • SUP 3: 137.51 Low Jul 22
  • SUP 4: 137.36 Low Jul 15

Gilt futures hit a new contract high at 138.93 this week before stalling to fall to 137.86 at the Thursday open. Prices then appeared to bottom and prices recovered to just below the Wednesday highs. This keeps markets within striking distance of the May high on the continuation chart at 138.99 which, if topped, would expose the alltime high of 139.70. Firm support remains at 137.82, Jul 24 low. A breach of this level would dent current bullish sentiment.

MNI London Bureau | +44 203-865-3806 | krzysztof.kruk@marketnews.com