MNI China Daily Summary: Monday, April 15

MNI: China CFETS Yuan Index Up 0.22% In Week of Apr 12

MNI: PBOC Sets Yuan Parity Higher At 7.0979 Mon; -4.90% Y/Y

MNI China Press Digest April 15: A-Shares, Exports, Property

MNI: PBOC Conducts CNY100 Bln MLF Mon; Rates Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS MON

MNI:US MAR RETAIL SALES +0.7%; EX-MOTOR VEH +1.1%

MNI: CANADA FEB WHOLESALE SALES +2.3%; EX-AUTOS -0.1%

US MAR RETAIL SALES $709.6B VS FEB $704.5B

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

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Price Signal Summary - WTI Clears The 50-Day EMA

OUTLOOK
  • On the commodity front, trend conditions in Gold are bearish for now, and the yellow metal remains in a corrective cycle. This follows the strong sell-off on Feb 2 / 3 and sights are on the 50-day EMA, at $1855.5. The average represents a key support and has been pierced. A clear break would strengthen a bearish case and suggest scope for a deeper pullback - towards $1825.2, the Jan 5 low. On the upside, key resistance and the bull trigger is at $1959.7, Feb 2 high. Initial resistance is at $1892.1, the 20-day EMA.
  • In the Oil space, WTI futures have rallied today, marking an extension of the recovery from $72.25, the Feb 6 low. The rally has confirmed a break of the 50-day EMA, at $78.34, strengthening the current bull cycle and note that price has pierced $80.22, 76.4% of the Jan 18 - Feb 6 bear leg. A clear break of this level would expose the key resistance at $82.66, the Jan 18 high. On the downside, initial firm support has been defined at $76.52, the Feb 9 low.
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Metals bulletHomepagemarkets-real-timeCommoditiesEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange BulletsEnergy Technical Analysis

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