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’s rally Monday could have probed fresh highs, but didn’t which is potentially bullish from a contrarian perspective.

Dollar Basket Sep Contract (DX, ETF: (UUP, UDN))
Ranging narrowly sideways Monday didn’t extend Friday’s drop, but the session did not retrace it, keeping the decline’s momentum intact so long as 82.20 were not recovered.

Eurodollar Sep Contract (EC, ETF: (FXE))
Friday’s highs held as resistance as price only ranged narrowly sideways Monday, so the rally’s momentum remains intact so long as 1.3205 were to hold as support.

Gold Aug Contract (GC, ETF: (GLD))
Friday’s dip to the 1312.50 sell signal and recovery back above 1319.00-1320.00 extended sharply Sunday night. Testing 1338.00 stopped pessimistically short of probing fresh highs, which potentially is bullish from a contrarian perspective, so long as 1319.00-1320.00 now holds as support.

Silver Sep Contract (SI, ETF: (SLV))
Monday’s gap up above 20.00 immediately filled the gap back up to Thursday’s close, and its immediate reaction down entered a narrow range around 19.90. Closing lower Tuesday would signal a bigger drop underway. Otherwise, back above Monday’s high would resume the recovery.

30-year Treasury Sep Contract (US, ETF: (TLT))
Sunday night’s test of 135-00 resistance held again and Monday extended down to 133-26, whose break Tuesday would suggest last week’s decline targeting 132-24 has necessarily resumed.

Crude Oil Sep Contract (CL, ETF: (USO))
Friday’s retest of 104.00 did not yield any further bounce Monday as price ranged sideways, still needing to recover above 106.00 to avoid a deeper break targeting 99.00.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
There was no bullish reason for dipping Friday back into 3.55-3.60 support, which Monday’s open proved by gapping down to new lows. The gap down under all prior lows prevents it from serving as a bottom, although gapping up back above would form a temporarly Island Reversal.

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