Mid-day look at gold, crude and Treasuries

April 24, 2018 01:30 PM

Gold Jun Contract (GC, ETF: (GLD))
Tuesday's bounce was likely only obligatory, having tested prior lows at or under $1326.00 per ounce on Monday. The bounce has room up to higher prior lows around 1339.00 while still being only a temporary correction.

Eurodollar Jun Contract (EC, ETF: (FXE, UUP))
Tuesday's firmer market probed back above Monday's 1.4010 high, still not forming a bottom, although a failed bounce on Wednesday could do that.

Silver May Contract (SI, ETF: (SLV))
Bouncing to within a dime Tuesday of the 16.80 buy signal didn't reverse the trend back up, and it wasn't so substantial that renewed selling pressures Wednesday couldn't easily visit 16.40-16.50 where a larger decline would be threatened.

30-year Treasury Jun Contract (US, ETF: (TLT))
Firming overnight to 143-09 was already undermined by Monday's bearish pattern. Reversing down through Tuesday's open extended slightly lower to fresh lows at 142-12. The buy signal remains unchanged above 143-20.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Three consecutive closes around last Wednesday afternoon's 68.35 high were rewarded Tuesday by attacking the rally's 69.50 target. Its rejection reversed back down under 67.60, and a second consecutive lower close Wednesday would all but seal a top.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Monday's bounce up to 2.75 firmed another 2-3 cents Tuesday, above the 2.75 bounce limit, which must now reject price back down to maintain the distributive pattern .

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.