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TECHS: Price Signal Summary

  • In FX, Sterling Set To Remain Volatile.
    • Initial directional parameters in Cable have been identified at 1.3539, Dec 7 and 1.3225, the Dec 7 low.
    • EURGBP technical readings remain bullish despite this morning's bounce in Sterling. The key support to monitor is 0.8958, the former trendline resistance drawn off the Sep 11 high.
  • EU FI technical conditions improve further for bulls.
    • Bund (H1) cleared resistance at 178.10, Nov 30 high. This opens 178.38 next, 76.4% retracement of the Nov 4 - 11 sell-off. Gilts (H1) traded through 134.70, Nov 20 high and bulls have sights set on 135.00 next.
    • Treasuries (H1) however maintain a softer stance and support and downside trigger at 137-07+, Dec 4 low remains exposed.
  • On the commodity front, gold and oil outlook remains bullish.
    • Gold key support lies at $1822.5 - Low Dec 7. Scope is seen for a climb towards the $1888.9 level, 61.8% retracement of the Nov 9 - 30 sell-off. Brent (G1) dips are considered corrective. Bullish objectives are set at $50.00 and $50.45, 61.8% of Jan - Apr sell-off (cont). WTI (F1) bulls, eye $48.07, 0.764 projection of the Apr - Aug rally from the Nov 2 low.

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