Mid-day look at gold, crude and Treasuries

March 16, 2018 01:35 PM

Gold Apr Contract (jUN, ETF: (GLD))
Although not deteriorating overnight, Friday's gap up held resistance at $1320.00 per ounce which was broken Thursday to renew the 1325.50 sell signal, extending down quickly under 1310.00 to attack the 1305.00 minimum objective.

Eurodollar Mar Contract (EC, ETF: (FXE, UUP))
Thursday's close under the 1.2330 sell signal extended down Friday to fresh relative lows at 1.2260. The bounce limit can be lowered from 1.2345 to the 1.2330 sell signal, although sponsorship at this stage of the break wouldn't benefit from interim bouncing.

Silver May Contract (SI, ETF: (SLV))
Closing at 16.40 Thursday instead of under it didn't prevent extending down sharply anyway Friday to 16.20. There's no bullish reason for the pattern to have retrace again to its prior lows.

30-year Treasury Jun Contract (US, ETF: (TLT))
Fresh highs overnight up to 145-11 were retraced into Friday's open, which probed negative territory down to 144-08 to try avoiding the confirmed breakout's requirement for at least another eventual higher close. It also further defines a compelling Rounding Bottom pattern.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday began by ranging even narrower than Thursday's session, at or under the 61.35 bounce limit. Surging late-morning attacked the 62.50 buy signal. Just closing above 62.25 makes the 61.35 bounce limit less likely to retrace, or to resume the decline.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Any momentum behind Thursday and Friday's breaks was greeted by anxiousness into Friday morning. That's not rejecting their dip to relevant support, which suggests the relevant support will break lower as expected.

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.