MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1843 Weds; -1.22% Y/Y

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CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

EZ/UK Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

MNI: JAPAN NOV CORP GOODS PRICE INDEX +3.7% Y/Y; OCT REV +3.6%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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Price Signal Summary - Watching Resistance In Gold

OUTLOOK
  • On the commodity front, Gold has traded higher this week and remains firm for now. Recent activity has defined a key resistance at $2065.5, Feb 1 high, and a key support at $1984.3, Feb 14 low. They represent important short-term directional triggers. A clear break of the Feb 1 high would highlight a reversal and open $2088.5, the Dec 28 high. For bears, clearance of $1984.3 would expose an important support at $1973.2, the Dec 13 low.
  • In the oil space, WTI futures traded higher Wednesday and in the process, the contract delivered a print above key resistance at $79.09, the Jan 29 high. This threatens the recent bearish theme and instead highlights potential for a continuation higher near-term, towards $81.70, 76.4% of the Sep 19 - Dec 13 bear cycle. On the downside, support to watch is at $75.90, the 50-day EMA. A break would instead signal a possible top.
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Metals Technical AnalysisMetals bulletEM BulletHomepagemarkets-real-timeCommoditiesEmerging Market NewsEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange Bullets

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