MNI: EUROZONE FINAL NOV SRVCS PMI 49.5 (FLASH 49.2); OCT 51.6

MNI: GERMANY FINAL NOV SRVCS PMI 49.3 (FLASH 49.4); OCT 51.6

MNI: FRANCE FINAL NOV SRVCS PMI 46.9 (FLASH 45.7); OCT 49.2

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MNI: PBOC Sets Yuan Parity Lower At 7.1934 Weds; -1.91% Y/Y

MNI: ITALY NOV SRVCS PMI 49.2 (FCAST 50.8); OCT 52.4

MNI: SPAIN NOV SRVCS PMI 53.1 (FCAST 53.3); OCT 54.9

MNI: AUSTRALIA Q3 GDP +0.3% Q/Q

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Price Signal Summary - Fresh Cycle Low In WTI

OUTLOOK
  • On the commodity front, Gold is unchanged and remains in consolidation mode. A bearish condition is intact. The precious metal has recently traded through the 20-day EMA and this highlights a corrective cycle. A continuation lower would signal scope for an extension towards $2252.8, the 50-day EMA. Note that a short-term bear cycle is allowing a significant overbought condition to unwind. Key resistance and the bull trigger is at $2431.5, the recent Apr 12 high. Initial resistance is at $2352.6, the Apr 26 high.
  • In the oil space, a bearish theme in WTI futures remains intact and the contract has traded to a fresh short-term cycle low today. Price has recently breached the 50-day EMA. The clear breach of this average strengthens a short-term bearish theme and highlights scope for a deeper correction. This has opened $76.07, the Mar 11 low. Initial firm resistance is at $84.46, the Apr 26 high. First resistance is at $81.22, the 20-day EMA.
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