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MNI China Press Digest July 26: Deposit Rates, Fiscal, PBOC

MNI: PBOC Net Injects CNY299.05 Bln via OMO Fri

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CHINA PBOC CONDUCTS CNY358.05 BILLION VIA 7-DAY REVERSE REPOS FRI

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Japan Tokyo Jul Core CPI +2.2% Y/Y

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Price Signal Summary - Gold Trend Needle Points North

OUTLOOK
  • On the commodity front, Gold traded higher Thursday to cancel a recent short-term bearish threat. The yellow metal has breached resistance at $2048.7, the Apr 13 high and confirmed a resumption of the broader uptrend. This maintains the bullish price sequence of higher highs and higher lows and moving average studies remain in a bull-mode set-up. The focus is on $2070.4, the Mar 8 ahead of the all-time high at $2075.5. Key support is 1969.3, the Apr 19 low.
  • In the oil space, WTI futures remain bearish despite the strong recovery from Thursday’s intraday low of $63.64. The print below $64.58 yesterday, the Mar 20 low and a key support, reinforces a bearish theme. A clear break of this level would confirm a resumption of the broader downtrend. Short-term gains would be considered corrective and would allow an oversold condition to unwind. Initial resistance is at $71.79, Wednesday’s high.
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