Gold's support holds but lacks launching power

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


Dollar Basket
 September Contract (DX, ETF: (UUP, UDN)) Monday’s narrow ranging around 80.25 resistance wasn’t decisive enough to reverse momentum up, but any initial strength Tuesdaywould be credible for extending higher intraday.

Eurodollar September Contract (EC, ETF: (FXE)) Sunday night’s dip to 1.3580 recovered back above Thursday’s low before Monday’s open. Holding the low keep s the door open to at least bounce back up to 1.3660 if not also to probe above 1.3700.

Gold (COMEX:GCU14) Contract (GC, ETF: (GLD)) Monday’s early dip to $1,313.00 support held but didn’t launch a reaction up any higher than the 1322.00 resistance. An intraday probe up to $1,326.00 remains likely.

Silver (COMEX:SIU14) Contract (SI, ETF: (SLV)) Overnight weakness didn’t bleed into the new week, although neither was it rejected as Monday only ranged narrowly above 21.05 support.

30-year Treasury (CBOT:USU14) Contract (US, ETF: (TLT)) Holding 134-10 Thursday morning made a near-term bottom likely, and closing above 134-25 made a bounce to 135-26 likely, too.Monday’s opening surge got there. Closing above it would signal a much bigger leg in-play targeting 137-22.

Crude Oil (NYMEX:CLQ14) Contract (CL, ETF: (USO)) Sunday night’s weakness extended down intraday Monday to fresh lows testing 103.20. The 102.50 and 101.00 targets remain intact so long as bounces now hold 104.05 as resistance.

Natural Gas (NYMEX:NGN14) Contract (NG, ETF: (UNG, UNL)) Barely clinging to 4.38 support last week proved only to have expended buying pressure fruitlessly, as the week began with fresh lows overnight that trended down more sharply intraday, probably targeting 4.23.

 

View a more detailed discussion of each chart at the end of today’s Market Wrap.

About the Author
Rod David

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 http://IfThenSignals.com.

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