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Price Signal Summary - Silver Bear Flag

MARKET INSIGHT
  • In FX, EURUSD bounced Friday but has found resistance at the 20-day EMA. Initial short-term resistance is Friday's high of 1.1805. Gains are considered corrective. EURGBP gains are also considered corrective and the cross remains in a bear trend. Last week's 0.8450 print - the lowest level since February last year - marks the bear trigger. A break would open the vol band support at 0.8413 as well as the Feb 27, 2020 low at 0.8430. USDJPY has started the week on a softer note and attention has turned to the key support at 108.72, the Aug 4 low. Key resistance is at 110.80, Aug 11 high.
  • On the commodity front, Silver remains weak. The confirmation of a death cross in the DMA space recently, highlights the current bearish theme and note too that the recent consolidation has taken on the appearance of a bear flag. A break and close below the Aug 9 low of $22.626 would confirm a resumption of bearish pressure and open a key Fibonacci support at 20.871, 50% of the Mar '20 - Feb '21 range. Gold on the other hand is holding onto recent gains. The 20-day EMA at $1784.00 marks initial resistance. WTI futures key support lies at $65.01, Jul 20 low. This level represents a key pivot point.
  • S&P E-minis outlook remains bullish as evidence of dip buying remains solid on intraday pullbacks. Recent gains have again confirmed a resumption of the uptrend and signal scope for a continuation near-term. The focus is on 4481.75, 1.00 projection of the Jun 21 - Jul 14 - 19 price swing. EUROSTOXX 50 futures are lower this morning but remain in a clear uptrend. The focus is on the 4253.86 2.0% 10-dma envelope
  • Support to watch in Bunds is at 176.13, the 20-day EMA. Gilt futures stalled ahead of the 200-dma last week, but managed a high watermark of 130.72 before prices faded. The support to watch is 129.10, Jul 22 low.
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Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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