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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Price Signal Summary - Gold Probes Support
- In the equity space, sentiment remains bullish. The E-mini S&P (U1) continues to grind higher, confirming once again that the path of least resistance remains up. The focus is on 4264.41, a Fibonacci projection. Further out, the recent break higher also exposes 4300.00. Initial firm support is at 4155.00, Jun 3 low. The broader medium-term trend support is at 4020.00, May 13 low.
- In the space, EURUSD appears vulnerable. The pair has traded either side of the 1.2111 50-day EMA and has briefly shown below the 1.2104 Jun 4 low. This zone represents a key short-term support and a clear break would signal scope for a deeper sell-off. GBPUSD attention is on the key support that lies 1.4006, May 13 low. The 50-day EMA is just above at 1.4037 and also represents a key support. The outlook is bullish while these levels hold. Recent USDJPY weakness resulted in a probe of support at 109.33, Jun 1 low. The pair has since entered a consolidation phase. A break lower would signal potential for a deeper decline and open 108.56, May 25 low. 110.33, Jun 4 high is the bull trigger.
- On the commodity front, Gold has probed support at $1856.2, Jun 4 low. A deeper sell-off would open $1841.6, the 50-day EMA. Trend conditions in oil remain bullish and price continues to trend higher. Brent (Q1) gains have seen the price top $73.00, a round number resistance. The focus is on $74.20, Apr 26, 2019 high (cont). WTI (N1) has also traded higher today as the uptrend extends. The focus is on $72.06, 3.00 projection of Mar 23 - 30 - Apr 5 price swing
- Within FI, Bunds (U1) maintain a bullish tone with the focus on 173.32 next, 76.4% of the Mar 25 - May 19 sell-off. Gilts (U1) cleared 127.74/82 last week, the highs between Apr 20 and May 26. This opens 128.50, 1.00 projection of the May 13 - 26 - Jun 3 price swing.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.