MNI China Daily Summary: Monday, November 18

MNI BRIEF: China’s October Youth Employment Rate Remains High

MNI BRIEF: Beijing Retail Sales Growth Decline Narrows In Oct

MNI: PBOC Net Injects CNY38.9 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Lower At 7.1907 Mon; +0.11% Y/Y

CHINA PBOC CONDUCTS CNY172.6 BLN VIA 7-DAY REVERSE REPOS MON

Japan Sep Machine Orders -0.7% M/M

EZ/UK Bond Supply Calendar: EU Synd; SK, BE Auction on Monday

MNI: US SEP BUSINESS INVENTORIES +0.1%; SALES +0.3%

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

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MNI DAILY TECHNICAL ANALYSIS - Gold More Stable Off Lows

Story

Price Signal Summary – Gold More Stable Off Lows

  • The move lower last week in S&P E-Minis appears corrective. Medium-trend signals such as moving average studies, continue to highlight a dominant uptrend. The contract has traded through the 20-day EMA. Despite recent gains, a bearish condition in Eurostoxx 50 futures remains intact. The move lower last week marks a resumption of the downtrend that started Sep 30. Price has breached 4746.94, 61.8% of the Aug 5 - Sep 30 bull cycle.
  • A bearish theme in GBPUSD remains intact and last week’s extension reinforces current conditions. Moving average studies are in a bear-mode set-up, highlighting a clear downtrend. Support at 1.2665, the Aug 8 low, has been cleared. The USDJPY trend condition is unchanged, it remains bullish and Friday’s pullback is considered corrective. Last week’s gains confirmed a resumption of the uptrend that maintains the price sequence of higher highs and higher lows. A bear cycle in AUDUSD remains intact and the move down last week reinforces current conditions. Price is also trading at its recent lows. Support at 0.6513, the Nov 6 low, has been cleared and price is through 0.6490, the 76.4% retracement of the Aug 5 - Sep 30 bull leg.      
  • A bearish theme in WTI futures remains intact and the move lower from the Nov 7 high has reinforced current conditions. Attention is on $65.99, the Oct 1 low, and $64.16, the Sep 10 low and key support. The long-term trend condition in Gold is unchanged, it remains bullish and the latest pullback is considered corrective. The recent move down has resulted in a breach of the 20- and 50-day EMAs, and the metal is trading at its recent lows.
  • Bund futures are unchanged and the contract is trading below its recent highs. Short-term gains are - for now - considered corrective. The trend direction is down and the Nov 6 break to a fresh cycle low reinforces this theme. The trend condition in Gilt futures is unchanged, it remains bearish and recent gains are considered corrective. The contract has recently breached 92.99, a 2.00 projection of the Sep 17 - 30 - Oct 1 price swing.

FOREIGN EXCHANGE    

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Price Signal Summary – Gold More Stable Off Lows

  • The move lower last week in S&P E-Minis appears corrective. Medium-trend signals such as moving average studies, continue to highlight a dominant uptrend. The contract has traded through the 20-day EMA. Despite recent gains, a bearish condition in Eurostoxx 50 futures remains intact. The move lower last week marks a resumption of the downtrend that started Sep 30. Price has breached 4746.94, 61.8% of the Aug 5 - Sep 30 bull cycle.
  • A bearish theme in GBPUSD remains intact and last week’s extension reinforces current conditions. Moving average studies are in a bear-mode set-up, highlighting a clear downtrend. Support at 1.2665, the Aug 8 low, has been cleared. The USDJPY trend condition is unchanged, it remains bullish and Friday’s pullback is considered corrective. Last week’s gains confirmed a resumption of the uptrend that maintains the price sequence of higher highs and higher lows. A bear cycle in AUDUSD remains intact and the move down last week reinforces current conditions. Price is also trading at its recent lows. Support at 0.6513, the Nov 6 low, has been cleared and price is through 0.6490, the 76.4% retracement of the Aug 5 - Sep 30 bull leg.      
  • A bearish theme in WTI futures remains intact and the move lower from the Nov 7 high has reinforced current conditions. Attention is on $65.99, the Oct 1 low, and $64.16, the Sep 10 low and key support. The long-term trend condition in Gold is unchanged, it remains bullish and the latest pullback is considered corrective. The recent move down has resulted in a breach of the 20- and 50-day EMAs, and the metal is trading at its recent lows.
  • Bund futures are unchanged and the contract is trading below its recent highs. Short-term gains are - for now - considered corrective. The trend direction is down and the Nov 6 break to a fresh cycle low reinforces this theme. The trend condition in Gilt futures is unchanged, it remains bearish and recent gains are considered corrective. The contract has recently breached 92.99, a 2.00 projection of the Sep 17 - 30 - Oct 1 price swing.

FOREIGN EXCHANGE    

Keep reading...Show less