Daily Spot… Extending Gold’s reaction, Resuming Crude Oil’s paradigm

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))
Monday”s gap down to 1.0855 ranged narrowly under it, vulnerable to extending back down to 1.0650.

Gold Jun Contract (GC, ETF: (GLD))
Friday”s reaction down had stopped optimistically short of its potential. Sunday night”s drop compensated for the delay by sliding sharply to 1182.20. Closing back above 1194.00 would signal a pullback had ended, with potential to retest last week”s 1220.40 overnight high. Otherwise, the next lower pullback objective would be the 1171.00 area.

Silver May Contract (SI, ETF: (SLV))
Gapping down Monday launched the expected pullback targeting 16.45-16.60. The target range”s upper-end was attacked to within pennies.

30-year Treasury Jun Contract (US, ETF: (TLT))
Friday”s late probe above 164-04 was rejected by gapping down Monday. Filling the gap back to Friday”s close then reversed down to 163-08, which was the original bounce limit exceeded at Friday”s open. Its obligatory support should also break lower on the way to 161-12 and potentially also to 160-02.

Crude Oil May Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Extending lower Sunday night probed under the 48.75 pullback limit that had contained Friday”s drop. Back above 49.35-49.55 could be credible for launching another upleg, which would target a retest of last week”s 51.75-52.50 highs.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Monday”s shallow bounce had tried to avoid fulfilling the confirmed breakout”s requirement for an eventual third lower close, probably targeting 2.60 and potentially 2.53.