Daily afternoon look at gold, Treasuries, crude & more

July 2, 2018 02:09 PM

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

Gold Aug Contract (GC, ETF: (GLD))
Friday’s 1257.00 high was considered a likely candidate for ending the corrective bounce before resuming the decline. Reacting down into the weekend and out of it has probed fresh lows, with lower potential outstanding. Attacking 1240.50 nearly fulfilled 1237.50, which would remain likely so long as 1244.50 now holds bounces.

Silver Sep Contract (SI, ETF: (SLV))
Trending down Sunday night extended to gap down Monday to last week’s 15.95 low and extend to 15.80. The decline’s momentum remains intact so long as bounces now hold 15.87.

Eurodollar Sep Contract (EC, ETF: (FXE, UUP))
Friday’s bounce to 1.1725-1.1745 resistance was retraced Sunday night to gap down Monday to test 1.1670. Extending down even a little would likely extend down to fresh lows under 1.1585-1.1595.​

30-year Treasury Sep Contract (US, ETF: (TLT))
Volatility is still missing since probing the 144-26 falling trendline that was at first an attraction, and which must now hold as support to avoid another corrective drop.

Crude oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Sunday night’s low retested Thursday night’s low, both lows holding the $72.90 per barrel level pullback limit that keeps alive the next higher objective at 75.30. So does Monday’s recovery.

Natural gas Aug Contract (NG, ETF: (UNG, UNL))
There was no bullish reason to close lower Friday, since Thursday’s drop already had filled and held the prior gap. So, Sunday night’s weakness extended down sharply to gap down under multi-week lows down to 2.82. Bounces should hold 2.87 to maintain the breakout’s momentum.

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.