Gold experiencing fresh highs

A daily summary of high-profile members of several complexes.

Gold Feb Contract (GC, ETF: (GLD))
Probing higher overnight to fresh highs testing 1191.00 was reversed down intraday Wednesday to attack 1174.50 down to 1177.00. The reversal was still recovered to fresh highs attacking 1200.00 which now allows room back down to 1180.50 before reversing momentum down.

Eurodollar Mar Contract (EC, ETF: (FXE, UUP))
Initially gapping down Wednesday extended lower to test 1.0505-1.0525 support down to 1.0480 whose break would have targeted lower lows. But the morning finished wildly, surging back up to Tuesday’s 1.0585 close and higher to 1.0650. Momentum didn’t reverse up, and another test of 1.0505-1.0525 can’t be dismissed.

Silver Mar Contract (SI, ETF: (SLV))
Dipping Wednesday to 16.60 held instead of breaking, which prevented putting into play a test of 16.15. The dip was largely recovered, although not entirely back up to 16.95, so not yet dismissing another downdraft.

30-year Treasury Mar Contract (US, ETF: (TLT))
A fresh high was likely regardless of the pattern’s ultimate resolution, which Wednesday morning’s surge fulfilled up to 153-06/153-12. Closing back under  152-16/152-20 would now reverse the trend back down.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping up Wednesday wasn’t likely to extend higher, not until an initially negative knee-jerk reaction down on the EIA report filled the gap back to Tuesday’s 50.90 close. The balance of the morning rallied sharply, back up to Monday’s opening sell signal at 52.70. The pattern resembles a Pivot Reversal which can reverse up for multiple sessions unless rejected at Thursday’s open.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Narrow sideways ranging didn’t extend Tuesday’s bounce, let alone trigger the 3.40 buy signal. Thursday’s EIA report is being greeted from a position of weakness.

About the Author

Rod David develops analytical techniques that are designed to efficiently identify targets and turning points for any liquid stock or market in any time frame. He primarily analyzes S&Ps, generating several round-turn candidates daily. Rod publishes “Trading Plan” and more each session at the blog