Gold gapping up

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


Gold Feb Contract (GC, ETF: (GLD))

Gapping up Wednesday to and through the 1178.50 pullback limit that was broken Tuesday probed temporarily above the 1180.00 trigger, which closing above should launch a substantial rally.


Eurodollar Dec Contract (EC, ETF: (FXE, UUP))

Gapping down Tuesday wasn’t likely to end the rally. But it can be corrected down to 1.0650 and still be likely to recover for fresh highs—which would likely be tested if Thursday isn’t already extending Wednesday’s bounce.


Silver Mar Contract (SI, ETF: (SLV))

Wednesday morning’s surge confirms that Tuesday’s inside day hovering at Monday’s highs was not bearish. Pullbacks meanwhile should hold any test of 17.00-17.10.


30-year Treasury Mar Contract (US, ETF: (TLT))

Gapping up Wednesday morning doesn’t honor the immediate necessity to resume the decline—at least for probing fresh lows—or else a bottom may be forming. Still overlapping 151-05 does prevent gaining upside traction.


Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))

Weak EIA data triggered a deeper dip Wednesday morning that probed under the 50.50 pullback limit by 75 cents. There is no more room or time remaining to resume the rally, or at least to try temporarily, if the 52.75 target remains in-play.


Natural Gas Jan Contract (NG, ETF: (UNG, UNL))

Probing another fresh high overnight at 3.75 needed to extend, or at least be maintained, to greet Thursday’s EIA report in a position of strength. The entire gain was retraced at least to fill the gap back down to Tuesday’s close. Closing negative would greet EIA 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