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Daily Spot… Gold makes a break for it. – If, Then… Market Timing

Daily Spot… Gold makes a break for it.

By Rod David | October 9, 2015 - 2:22 pm

A daily summary of high-profile members of several complexes… View a more detailed discussion of each chart at the end of today’s Market Wrap.

Eurodollar Sep Contract (EC, ETF: (FXE, UUP))
Gapping up Friday filled the 1.1370 gap back up to prior highs. Closing above or below the gap for two consecutive sessions would be the first available signal of whether the break higher is durable, or else peaking..

Gold Dec Contract (GC, ETF: (GLD))
Thursday’s FOMC reaction had ultimately resolved down to fill the gap back to Thursday’s open around 1137.50. Holding it would allow the rally to resume, which it did overnight by probing fresh highs up to 1159.00. The rally remains intact so long as pullbacks now hold 1148.00 as support.

Silver Dec Contract (SI, ETF: (SLV))
Holding the 15.55 pullback limit’s test Thursday still hasn’t resumed the rally, as Friday ranged widely around Thursday’s close.

30-year Treasury Dec Contract (US, ETF: (TLT))
Thursday’s overnight bounce didn’t prevent Friday morning’s fresh lows, but the 156-16 sell signal held its test to avoid confirming the 157-24 sell signal’s break..

Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Not confirming Wednesday’s breakout did not equate to being a sell signal,  but Friday’s probe of fresh highs held Thursday’s high to suggest that buyers have expended all available energy without gaining traction for the effort.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Friday morning’s subdued trading didn’t offer any strength to take credibly, perhaps because of the impending weekend. The same setup applies Monday, and early strength would be credible for extending higher intraday targeting 2.67.

Posted in Bigger Picture, Daily Spot