Daily Spot

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

Today’s Highlight Wednesday should almost immediately reverse the direction from Tuesday’s pullbacks in Gold and Currencies if any reversal is coming anytime soon.

Dollar Basket Dec Contract (DX, ETF: (UUP, UDN)) More of Friday’s drop back up to 80.50 was retraced Tuesday. At least one more fresh low at 79.75 remains likely so long as 80.55 holds as resistance.

Eurodollar Dec Contract (EC, ETF: (FXE)) Tuesday’s drop back toward Friday’s 1.2915 lows should be the correction’s end to allow at least one more fresh high targeting 1.3050.

Gold Dec Contract (GC, ETF: (GLD)) The rally made no higher highs before extending Monday’s pullback Tuesday to test 1741.50. Back above 1750.00 would target at least one more higher high at 1763.00, with potential for extending up to 1802.50 or higher.

Silver Dec Contract (SI, ETF: (SLV)) Tuesday’s narrow sideways range held Monday’s 33.90 low as support. Back above 34.15 would target 34.50, and any higher would target at least 36.00.

30-year Treasury Dec Contract (US, ETF: (TLT)) The recovery above 150-14 did not extend higher Tuesday, which instead ranged narrowly back to 150-31 resistance.

Crude Oil Jan Contract (CL, ETF: (USO)) Both ends of the 86.70-88.50 range were attacked intraday Tuesday, but neither was broken to trigger the next leg.

Natural Gas Dec Contract (NG, ETF: (UNG, UNL)) Monday’s gap down back to the last relative low’s buy signal did not extend down any lower, allowing the drop to still be considered only a corrective pullback. But a recovery above 3.82 is still needed to signal momentum reversing up.

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