Daily Spot… Bonds chip away at more support

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))
The dip”s potential to 1.0650 was cut slightly short from 1.0667 by bouncing back to Monday”s 1.0790 high. There is still no actionable pattern.

Gold Jun Contract (GC, ETF: (GLD))
Gapping up Tuesday was retraced back down to 1194.50, but that was recovered to fresh session highs attacking 1204.00. There is no bullish reason to further delay recovering 1205.00-1208.50, and the next test of 1194.50 would be bearish.

Silver May Contract (SI, ETF: (SLV))
Tuesday”s opening surge back to 16.10 resistance didn”t extend higher. But its reaction down only filled the gap back to Monday”s close — neutralizing its attraction below, and avoiding a lower close that would have confirmed Monday”s break. Closing back above 16.10 would reverse the trend up.

30-year Treasury Jun Contract (US, ETF: (TLT))
Gapping down Tuesday and probing under 164-04 once again limited a surge to less than a one-day cycle. The 163-18 sell signal was tested thoroughly intraday. Its break would still require being confirmed by a second consecutive lower close.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Hovering narrowly at the highs — while US and Iranian battleships come dangerously close to each other — makes the rally very suspect. So would closing under 55.85.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Gapping up Tuesday to attack 2.60 must still close higher to confirm a new rally leg is underway. The 2.54 support is unlikely to hold a retest.