Gold fails to break support

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

Dollar Basket Sep Contract (DX, ETF: (UUP, UDN))
Friday’s shallow probing above Thursday’s highs didn’t extend or gain traction as recent gains continue to consolidate.

Eurodollar Sep Contract (EC, ETF: (FXE))
The narrow ranging at 1.3600 support persisted into the weekend, with no new signal indicated.

Gold (COMEX:GCN14) Aug Contract (GC, ETF: (GLD))
Friday’s shallow weakness happened to touch the 1335.50 support but didn’t break it, which would have begun signaling momentum had reversed down. Meanwhile, Thursday’s breakout close wasn’t confirmed by a second consecutive higher close, suggesting adip to 1332.00 or lower is next.

Silver (COMEX:SIN14) Sep Contract (SI, ETF: (SLV))
Friday’s narrow ranging inside day didn’t confirm Thursday’s break out surge, which itself had not extended past the open’s gap up. At least a pullback to 21.28 is likely.

30-year Treasury Sep Contract (US, ETF: (TLT))
After Thursday’s reaction from the rally’s 137-22 target filled the gap back down to Wednesday’s 136-30 close,Friday’s inside day only ranged sideways narrowly around 137-12.

Crude Oil (NYMEX:CLN14) Aug Contract (CL, ETF: (USO))
Thursday’s test of the decline’s 102.90 bounce limit reacted down sharply Friday to fresh lows at 100.57, fulfilling the 101.00 target. Closing under 101.25 allows the decline to extend to 98.40.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Friday’s narrow ranging at 4.13-4.15 support could have broken lower easily into the weekend, but didn’t Closing back above 4.22 continues to be a valid actionable buy signal.

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


Ed Note: Every day traders can listen to live, streaming squawk box commentary on coming directly from the S&P trading pits in Chicago.

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

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