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US TSYS/SUPPLY

Preview $62B 7Y Note Auction

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Gold Inching Toward Bull Trigger

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  • RES 4: 133-11 1.236 proj of Apr 29 - May 7 - May 13 price swing
  • RES 3: 133-06+ High Jun 11 and the bull trigger
  • RES 2: 132-20+ High Jun 16
  • RES 1: 132-11 High Jun 18
  • PRICE: 132-02 @ 15:28 BST Jun 18
  • SUP 1: 131-14 Low Jun 17
  • SUP 2: 131-01 Low May 13
  • SUP 3: 130-31+ Low May 19 and a key support
  • SUP 4: 130-23+/17+ Low Apr 29 / Low Apr 13

US 10y futures slipped sharply Wednesday but the contract has since recovered having found support at Thursday's 131-14 low. Recent weakness however resulted in a break of 131-18, Jun 3 and 4 low. The move lower has weakened the near-term outlook, raising the risk of a re-test of the mid-May lows layered between 130-31+ and 131-01. On the upside, a firm resistance is seen at Wednesday's high at 132-20+.