Mid-day look at gold, crude and Treasuries

March 15, 2018 02:34 PM

Gold Apr Contract ( jUN ,  ETF: (GLD))
Ranging sideways Wednesday didn't confirm Tuesday's favorable knee-jerk reaction to CPI, which had held the original $1,325.50 per ounce sell signal as resistance. Dropping sharply Thursday broke under 1320.00 targeting a retest of the 1305.00 area lows and then 1291.50.

Eurodollar Mar Contract (EC, ETF: (FXE, UUP))
Dipping again Thursday tested the 1.2330 sell signal, which is credible for extending so long as 1.2345 holds as resistance.

Silver May Contract (SI, ETF: (SLV))
Wednesday's ranging had failed to exploit Tuesday's bounce above 16.50-16.55, which didn't help to prevent Thursday's slide to 16.40 support. But not through ti, which is still needed to confirm the drop has resumed.

30-year Treasury Jun Contract (US, ETF: (TLT))
Flat-to-higher ranging overnight still needs to close positive Thursday to confirm a breakout, and essentially create a compelling rounded bottom. Price action into the afternoon was continually returning to unchanged, making confirmation elusive.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fluctuating Thursday between the $61.35 per barrel bounce limit and Wednesday's 60.90 close maintained the downside momentum, but a break under the 60.25 prior low can't be delayed much longer if the resolution is down.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Reaction to Thursday's EIA report finally broke under 2.74. So long as it's not rejected by closing back above 2.81, the pullback is targeting at least 2.62 -- and potentially deeper, especially after having delayed the pullback for so long.

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 http://IfThenSignals.com.