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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MNI: UK JUN M4 MONEY SUPPLY +0.5% M/M, +1% Y/Y

Riksbank Shouldn’t Place Too Much Weight On The Q2 GDP Indicator

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Heading South

GOLD TECHS
  • RES 4: $1878.4 - High Jun 13
  • RES 3: $1844.3 - Trendline resistance drawn from the Mar 8 high
  • RES 2: $1788.2/25.9 - 20-day EMA / 50-day EMA
  • RES 1: $1752.3/87.0 - High Jul 8 / Low May 16, recent breakout level
  • PRICE: $1723.8 @ 07:19 BST Jul 13
  • SUP 1: $1721.7 - Low Sep 29 2021
  • SUP 2: $1706.8 - 1.618 proj of the Mar 8 - 29 - Apr 18 price swing
  • SUP 3: $1690.6 - Low Aug 9 2021
  • SUP 4: $1680.5 - 1.764 proj of the Mar 8 - 29 - Apr 18 price swing

Gold traded sharply lower last week and in the process confirmed a breach of key short-term support and the bear trigger at $1787.00, May 16 low. The break marks a resumption of the broader downtrend and this week’s extension reinforces bearish conditions. The focus is on $1706.8 next, a Fibonacci projection. Moving average studies are in a bear mode condition highlighting current bearish sentiment. Initial firm resistance is at $1787.0.

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