Gold to experience another intraday fresh low?

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

Gold Dec Contract (GC, ETF: (GLD))
Fresh lows overnight fulfilled potential to test 1280.50. The probe under Wednesday’s lows was recovered by Thursday’s open. Ranging sideways all day doesn’t equate to stability, and another intraday fresh low is likely so long as 1298.50 isn’t recovered.

Eurodollar Dec Contract (EC, ETF: (FXE, UUP))
Already having fulfilled its objective to test 1.1745 on Tuesday, extending the decline Wednesday morning to attack the next lower objective at 1.1760 was reversed to close higher on the day. That extended slightly into Thursday’s open, which ranged narrowly through the day up to 1.1850.

Silver Dec Contract (SI, ETF: (SLV))
Fresh lows overnight touched the prior low at 16.70 and bounced ahead of Thursday’s open. The reaction didn’t become a recovery that would otherwise hold 17.00, still likely to test at least 16.60.

30-year Treasury Dec Contract (US, ETF: (TLT))
Finally testing 153-14 Wednesday trended down intraday to avoid forming a bottom. Extending down overnight gapped down to test fresh lows Thursday attacking 152-00. A second consecutive lower close from the multi-session range at 154-30 requires an eventual third lower close. In this pattern, immediately fulfilling the lower requirement would be bearish, where bouncing first would allow a bottom to begin forming.

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Surging before Thursday’s open gapped up above prior sessions’ highs to 52.65 resistance. Resistance triggered a reversal down under prior sessions’ lows to test 51.25. The outside day left unfinished business above at Thursday’s opening gap. Testing it before extending down to 51.65 would be bearish.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
[Rolling coverage forward to Dec, which trades at a 9-cent premium to Oct]… Greeting Thursday’s EIA from a position of weakness didn’t prevent an initially favorable knee-jerk reaction up. But that was after having gapped down from Wednesday’s close at 3.07 resistance. And the knee-jerk up snapped back down to fill the gap from Tuesday’s 3.01 close. Now a bottom can form by closing above 3.08, targeting 3.17 and higher.

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