A daily summary of high-profile members of several complexes.
Gold Dec Contract (GC, ETF: (GLD)): Gapping down to test a fresh low Thursday at $1,305.50 per ounce was recovered well into positive territory, testing bounce limits at 1312.30 and 1315.70. Closing any higher would signal a much bigger detour on the way down to 1296.00-1297.00.
Silver Dec Contract (SI, ETF: (SLV)): Silver’s recent relative outperformace against gold helped it to avoid a fresh low Thursday, but its bounce up to $19.00 per ounce remained under the 19.15 prior week’s high that must hold to maintain near-term likelihood to retest overnight lows.
Crude oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short)): Extending down sharply Thursday tested the next lower attraction at 43.45. The second consecutive lower close under a multi-session range now requires there eventually be at least a third lower close. Bounces should meanwhile hold any test of 43.90-44.20.
Natural gas Oct Contract (NG, ETF: (UNG, UNL)): Greeting Thursday’s EIA report from a position not of weakness didn’t prevent reacting down to retest the 2.82 sell signal, and probing it deeper than Tuesday’s test down to 2.78. A second consecutive lower close would confirm momentum reversing down. Otherwise, closing back above 2.88 would again be credible for extending higher.
Eurodollar Sep Contract (EC, ETF: (FXE, UUP)): Thursday’s gap down held at Tuesday’s opening low, before bouncing sharply into positive territory. A second consecutive higher close Friday would signal momentum reversing up. Otherwise, lower lows remain likely.
30-year Treasury Dec Contract (US, ETF: (TLT)): Gapping down sharply Thursday and extending to 169-06 was reversed back above Wednesday’s high to 170-27, as the sloppy, choppy range persisted ahead of Friday’s Employment Situation report. Closing above 170-02 could greet the news from a position of strength, but there otherwise remains no attractive setup.