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 Gold rally Sunday night made good on Friday’s warning to bears. The 38.2% retracement back to Friday’s lows keeps the door wide open to extending the rally sharply higher Tuesday.

Dollar Basket Jun Contract (DX, ETF: (UUP, UDN))
Monday’s probe of fresh highs up to 83.05 was reversed back down to test 82.80 and maintain the potential for resuming the decline to 81.40.

Eurodollar Jun Contract (EC, ETF: (FXE))
Monday’s test of 1.3020 support held, but the rally’s resumption to at least test 1.3200 still requires extending above 1.3105.

Gold Jun Contract (GC, ETF: (GLD))
Friday’s “warning shot across the bow” above 1395.00-1400.00 was followed by Sunday night’s direct hit that took price up sharply to attack 1441.00 before the open. The regular session’s dip held 1418.00-1420.00 and back above 1432.50 should now resume the rally through 1441.00 to 1456.00.

Silver May Contract (SI, ETF: (SLV))
Monday’s gap up back to 23.55 held as resistance through the day, while 23.25 held as support, allowing the rally to 24.15 to resume if there is no further delay or dip.

30-year Treasury Jun Contract (US, ETF: (TLT))
Monday’s retest of the 148-19prior high held the 148-00 pullback limit to maintain potential up to 149-14.

Crude Oil Jun Contract (CL, ETF: (USO))
Monday’s gap up filled the gap back to last Tuesday’s 89.00 close. Its intraday reaction down into negative territory was recovered back to the morning’s highs, suggesting that 91.05 would be tested next.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Friday’s failure to confirm Thursday’s surge allowed Monday’s gap down, which retraced a healthy 61.8% of the breakout down to 4.26. Back above 4.35 would resume the breakout.

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