Gold on the spot

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

Eurodollar Sep Contract (EC, ETF: (FXE, UUP))
At least probing fresh highs remained likely, if not actually a new high close. Overinght strength was retraced before Wednesday’s open, but then probed through the morning to attack the 1.1945-1.1970 objective.

Gold Dec Contract (GC, ETF: (GLD))
Overnight weakness extended into Wednesday’s open and tested the 1271.00 support before reacting up to nearly fill the gap back at Tuesday’s 1279.60 close. Just having touched 1271.00 suggests the gap fill will hold, and that a new reaction down will test 1261.00 and lower.

Silver Sep Contract (SI, ETF: (SLV))
Dipping overnight and into Wednesday’s open tested the 16.60 pullback limit down to 16.45. Its reaction up barely filled the gap back to Tuesday’s 16.77 close. Closing above 16.85 would signal another rally leg underway, but meanwhile closing under 16.60 would be bearish.

30-year Treasury Sep Contract (US, ETF: (TLT))
Overnight weakness was recovered into Wednesday’s open and extended to fresh recovery highs at 154-18, which was retraced back to unchanged around 154-00.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The pessimistic reaction to Wednesday’s EIA report didn’t probe any deeper than had Tuesday’s reaction down from retesting the 50.10 target. Closing under 48.25 would signal the rally having ended so that a new pullback could begin.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Retesting Tuesday’s fresh low and holding it would have avoided greeting Thursday’s EIA report from a position of weakness. Also closing above their interim bounce high would have greeted EIA from a position of strength. Wednesday only ranged narrowly, suggesting either a knee-jerk reaction down to fresh lows regardless of its recovery, or a knee-jerk reaction up that fails.

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