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Daily Spot… Euro meets target but won’t let go, while Gold triggers buy signal – If, Then… Market Timing

Daily Spot… Euro meets target but won’t let go, while Gold triggers buy signal

By Rod David | April 10, 2015 - 2:45 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))
The decline extended Thursday night and fulfilled the likely objective at 1.0585. A bounce there Friday morning was retraced entirely back to its lows. There is no unfinished business below, but there is also no upside momentum.

Gold Jun Contract (GC, ETF: (GLD))
Rallying Thursday night from the original 1994.00 buy signal greeted Friday”s open by gapping up to the next buy signal at 1205.00. That extended higher intraday to probe its 1208.50-1213.00 confirmation range.

Silver May Contract (SI, ETF: (SLV))
Thursday night”s rally greeted Friday”s open already back within the 16.45-16.60 range whose support had failed to hold earlier in the week. Probing above the range”s upper-end momentarily was reversed to probe back under its lower-end, missing a chance to signal that momentum was reversing up.

30-year Treasury Jun Contract (US, ETF: (TLT))
Thursday night”s rally recovered that afternoon”s negative reaction to the monthly 30-year auction. That represented a 61.8% retracement of the cumulative drop from Wednesday”s high, and its resistance pushed back, stopping optimistically short of filling the gap back down to Thursday”s close — and optimism is potentially bearish from a contrarian perspective.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
A fresh low Friday before rallying would have been optimal to finishing out a bottom. At least Friday open did blip-down to 50.08 attacked Thursday”s low before reacting back up. Perhaps it was the usual pre-weekend geopolitical risk premium that enabled the balance of the session to firm back up to Thursday”s high. Regardless of why, a second, less fungible requirement seemed to be fulfilled by ranging around 51.45 — not to become too optimistic before the weekend.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
A second consecutive lower close Friday confirms Thursday”s break under prior lows as now requiring at least an eventual third lower close.

Posted in Daily Spot