Gold probing fresh lows

June 27, 2018 03:32 PM

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

Gold Aug Contract (GC, ETF: (GLD))
Probing fresh lows overnight was extended Wednesday morning, as the session tested $1,253.50 per oz. Thu-Mon had formed a multi-session range, so Wednesday’s fresh low close has confirmed Tuesday’s breakout and now requires at least an eventual third lower close.

Silver Jul Contract (SI, ETF: (SLV))
Tuesday’s 16.18 gap down under all prior lows had required a retest from above, which was fulfilled at Wednesday’s open. Its reaction up filled the gap back to Tuesday’sclose before resolving down to fresh lows. While this does not form a breakout, at least fresh intraday lows are likely, if not also extending the trend.

Eurodollar Sep Contract (EC, ETF: (FXE, UUP))
Still testing the 1.1725 sell signal at Tuesday’s close, but as resistance, resolved down overnight to gap down Wednesday under the 1.1700 confirmation. Extending down sharply intraday tested 1.1635 which had been the original decline’s target, likely now to probe fresh lows.

30-year Treasury Sep Contract (US, ETF: (TLT))
Wednesday’s gap up immediately tested downtrending resistance coinciding at 144-26. Extending higher intraday to attack 145-08 did not reverse down intraday, but closing back under 144-26 would signal momentum reversing down.

Crude oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fulfilling the $70.25 per barrel target Tuesday wasn’t rejected or reversed, and the rally extended higher overnight to gap up Wednesday at 71.18. Trending up intraday probed a nickel above 73.00 and 35 cents above 5-week old highs. Holding 71.25 as support keeps alive the next higher target at 75.30.

Natural gas Aug Contract (NG, ETF: (UNG, UNL))
Gapping up Wednesday to 2.96 and extending up to 3.00 greets Thursday’s EIA more from a position of strength than of weakness. An initially negative knee-jerk reaction down to 2.92 would be likely to recover, but there’s no assurance of an initially favorable reaction being maintained.

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