Weekend News 30Mar

As noted in last week’s review, the failure of 94.40s as resistance was key to understanding  the most probable outcome of this week’s auction, 
a buyside directional phase. 

The market broke out early this week above the key structural resistance, 94.40s, trading toward the Wkly 2nd Std Dev before pulling back, encountering a buy response, confirming the breakout.
The market  was in a buyside directional phase for the remainder of the week, auctioning back into the key  overhead Feb Supply  Cluster, 95s-98s, closing the week at/near the high, 97.25s.

Following this week’s breakout and directional phase, 97.25 s and the Feb cluster high, 98s, will be of focus as potential Stopping Point Levels. The Feb 95-98 cluster represents significant resting supply while the buyside controls the auction nearterm. IF 97.25s/98s hold, inventory adjustment toward 95s. IF 97.25s/98s fail, price discovery potential 98.50s/99.50s (Sep 2012 Supply Cluster 98.50s-100.50s).


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Central Banks

  • Central Banks Have Bought $3bil In Gold Thus Far In 2013, Sayeth UBS. (Forbes)
  • Mr. Yen: Japan’s Debt Trajectory & Central Banks Domestic Asset Purchasing. (Telegraph)

Geopolitics

  • US Judge Dismisses Substantial Portion Of Private Libor Suits v Banks. (Reuters)
  • Cyprus Authorities Confirm Raid On Big Depositors. (Telegraph)

Supply/Demand & Markets