Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the disable-gutenberg domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home4/jwl23/public_html/rd.johnlander.me/wp-includes/functions.php on line 6131
Daily Spot… About Gold’s about-face. – If, Then… Market Timing

Daily Spot… About Gold’s about-face.

By Rod David | April 27, 2015 - 2:40 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 Mar Contract (EC, ETF: (FXE, UUP))
Higher highs Monday kept alive potential for extending the bounce to attack 1.1100, so long as 1.0845-1.0855 holds as support.

Gold Jun Contract (GC, ETF: (GLD))
Friday”s test of the 1170.00-1174.00 target to within a dime proved enough for a bounce Sunday night that retraced 61.8% of the drop from Thursday”s high. But that was nothing. Monday”s opening gap up consolidated briefly around 1185.00, and then surged sharply to eventually probe attack 1207.00. That”s hardly a stable base to launch a recovery, so at least a dip back to 1194.50 is likely.

Silver May Contract (SI, ETF: (SLV))
The 4-day sequence of unconfirmed breakouts was followed by Monday”s gap up to 15.85 that extended sharply higher post-open to 16.45. That”s the lower-end of resistance up to 16.60, which will be difficult to recover without first testing 16.10 as support.

30-year Treasury Jun Contract (US, ETF: (TLT))
Friday”s 61.8% retracement of the last downleg proved enough for renewed dipping Monday to test 162-00 support. But no lower, as its test at Monay”s open was recovered to within 10 ticks of the 163-18 bounce limit.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Narrow sideways ranging neither pierced the 57.70 (not 56.70) buy signal. It would not be able to tolerate any hesitation the following day, so its break had better be sure about itself. The buy signal”s potential remains alive so long as the 56.58 (not 55.58) pullback limit continues holding as support — which it did, throughout Monday”s lows.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Gapping down into the front-month roll (from May to Jun) doesn”t allow a buy signal to form, let alone to trigger, before another session retests Monday”s 2.49 opening print. But doing so after closing above 2.51 could find a very quick upleg underway to 2.73, 2.80 and 2.90.

Posted in Daily Spot