Gold to satisfy near-term buying pressure

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

Gold Dec Contract (GC, ETF: (GLD))
Flat-to-lower ranging Sunday night persisted into Monday morning as the 1261.00 support fought to prevent at least filling near-term gaps below, let alone extending down into a deeper decline.

Eurodollar Sep Contract (EC, ETF: (FXE, UUP))
Although last week’s rally stopped short of its 1.1945-1.1970 potential, extending down Monday could have reversed the trend. Gapping up shallowly doesn’t prevent resuming the decline anyway, but it does start to suggest the highs will be tested as part of completing a top.

Silver Sep Contract (SI, ETF: (SLV))
Fresh lows Sunday night persisted into Monday’s gap down, which hovered in negative territory. No deeper pullback is required, but a deeper pullback is likely nonetheless so long as Tuesday’s open doesn’t gap up back above Friday’s close.

30-year Treasury Sep Contract (US, ETF: (TLT))
Relatively narrow ranging Monday didn’t extend Friday’s reaction down, further suggesting that too little time was spent testing the high for it not to be retested regardless of the resolution.

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Flat-to-lower ranging avoided a fresh low, as well as the 48.25 sell signal, while awaiting at least a deeper pullback if not also a trend reversal.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Friday’s pre-open pierce of Tuesday’s 2.76 low didn’t fulfill its retest, and neither did Fridaymorning’s hovering just above the prior low. So, Monday’s pierce of Friday’s highs certainly didn’t complete the bottom, either. That said, a second higher close Tuesday would suggest a bigger bounce underway first.

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