Gold hesitation?

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

Eurodollar Sep Contract (EC, ETF: (FXE)) Thursday’s ECB policy statement didn’t spur a recovery, so fresh lows printed by default. The fresh lows didn’t gain traction and extend down, so there remains potential for a bottoming pattern to emerge — which hasn’t yet.

Gold Oct Contract (GC, ETF: (GLD)) A small post-open delay resolved up to fresh highs testing the 1313.00 buy signal that needs to be maintained through the close. Its test was ongoing into the afternoon, so hesitation or retracement Thursday wouldn’t be bullish.

Silver Sep Contract (SI, ETF: (SLV)) A rally required confirmation by second consecutive close Thursday, but the session dipped back down to test the 19.97 resistance as support. A bottom may still form, but cannot allow the 19.85 low to be retested first.

30-year Treasury Sep Contract (US, ETF: (TLT)) Wednesday’s dip back down to 138-16 support recovered back to Tuesday’s 139-08 test. Avoiding a fresh high close keeps alive the topping pattern, which would trigger a new downleg under 138-25 and confirmed under 138-08.

Crude Oil Sep Contract (CL, ETF: (USO)) Avoiding the next lower target at 95.00 required Thursday to recover back above 97.85, or at least to close positive and then extend higherFriday without delay.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL)) Reaction to Thursday’s EIA report fell to the 3.85 pullback limit that should hold while awaiting the confirmed breakout’s requirement for at least one more higher close. Immediately dipping to support does suggest the eventual recovery will be more productive.

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

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