Gold to reverse up?

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


Gold Aug Contract (GC, ETF: (GLD))
Fresh lows Sunday night tested the 1204.80 objective but recovered before Monday’s open to avoid an intraday retest. Closing higher Tuesday could reverse momentum up near-term for a corrective bounce, but a bottom in this pattern should leave no overnight low untested intraday — including Sunday night’s 1204.00.

Eurodollar Sep Contract (EC, ETF: (FXE, UUP))
Thursday and Friday’s highs filled the prior Thursday and Friday’s closing gaps, neutralizing their upside attraction. Gapping down Monday to Friday’s lows doesn’t qualify as rejecting the upside attractions, let alone as reversing the trend down.

Silver Sep Contract (SI, ETF: (SLV))
Sunday night’s fresh low at 15.15 wasn’t tested by Monday’s gap down, which soon reversed sharply into positive territory at 15.70. Closing back above the decline’s 15.55-15.60 target that was thoroughly tested Friday does suggest a bottom is forming, but recovering another blip-down would be helpful.

30-year Treasury Sep Contract (US, ETF: (TLT))
Flat-to-higher ranging Monday morning didn’t exacerbate the pre-open surge into a “warning shot across the bow” at sellers of an impending bottom forming.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Probing of fresh lows Sunday night was retraced entirely to gap up slightly Monday. The overnight lows had stopped short of the 43.40 objective, which would help to complete the recent bottoming pattern.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Monday’s gap up within Friday’s range leaves no “unfinished business below.” Extending higher intraday to Friday’s high, which had tested 2.95 resistance, still must recover it by more than a 2-cent margin to start sealing a bottom while reversing momentum up.

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