Gold to test new lows

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

Eurodollar Sep Contract (EC, ETF: (FXE)) Monday morning duplicated Friday’s bias by gapping down. A fresh low close is no longer required, but gapping down Monday was unable to attract counter-trend sponsorship. While that pessimism so early in the week suggests a bottom is nearing, Monday’s opening gap should still be retested from above first.

Gold Oct (COMEX:GCV14) Contract (GC, ETF: (GLD)) Relatively flat price action Sunday night and Monday did not reject the decline or its likelihood for fresh lows testing 1265.00.

Silver Sep Contract (SI, ETF: (SLV)) Relatively narrow ranging maintained the lockstep trading with Gold, except for already testing last week’s prior low intraday Monday.

30-year Treasury Sep Contract (US, ETF: (TLT)) Sunday night’s strength stopped pessimistically short of filling the gap back to 141-01, let alone testing it up to my 141-06 target. But the recovery of 140-16 remained intact.

Crude Oil (NYMEX:CLV14) Oct Contract (CL, ETF: (USO)) Another attack on 94.00 reacted down Monday, not yet triggering the buy signal that would initially target at least 96.00.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL)) Sunday night’s strength retested 3.91 resistance before Monday’s open. Gapping up from support to resistance doesn’t often extend higher without further correction. But the action is in-line with bottoming, so long as optimism is meanwhile kept in-check.

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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