Daily Spot… Is Gold gone?

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))
Ranging only narrowly Wednesday instead of rejecting Tuesday’s gap up session does suggest the recovery potential remains intact.

Gold Dec Contract (GC, ETF: (GLD))
Another break to fresh relative lower Wednesday tested the maximum pullback limit at 1165.50. Any lower would require a deeper and more prolonged drop before putting back into play a retest of prior highs up to 1195.50.

Silver Dec Contract (SI, ETF: (SLV))
Gapping down Wednesday to 15.85 extended to fresh lows intraday at 15.60. Back above 15.85 would start to signal momentum reversing back up. Closing under 15.60 would suggest no recovery soon.

30-year Treasury Dec Contract (US, ETF: (TLT))
Gapping up Wednesday and extending back above the 158-04 sell signal  also retraced Monday’s range entirely back up to 158-24, which is the highest acceptable corrective bounce.

Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Extending down overnight probed under last week’s two “ineffectual pessimism” sessions to 44.85. The trend remains down so long as 46.85 isn’t recovered through the close.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Two days of counter-trend bouncing had retraced almost all of the room allowed it up to 2.48-2.51. The overnight reaction down gapped down Wednesday to probe under the 2.41 prior low. A bottom would be premature, but a bottoming pattern could begin forming. Regardless, Thursday’s EIA report is not being greeted from a position of strength.