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Daily Spot… Go, gold. See ya, Silver. – If, Then… Market Timing

Daily Spot… Go, gold. See ya, Silver.

By Rod David | August 20, 2015 - 3:01 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 Sep Contract (EC, ETF: (FXE, UUP))
Thursday”s open gapped up from Wednesday”s close at 1.1120 resistance and extended higher until fulfilling its 1.1220 target. Closing higher Friday would confirm the trend had reversed. up. This is otherwise the upper-end of the range.

Gold Dec Contract (GC, ETF: (GLD))
Gapping up Thursday quickly extended to fulfill the 1144.00 target, but continued rallying to test 1153.30. Maintaining the rally”s momentum to next taget 1169.00 at this stage requires pullbacks to be shallow holding 1147.50 and for the next close to be higher .

Silver Sep Contract (SI, ETF: (SLV))
Gapping up Thursday didn”t extend higher intraday. And it held its test of last week”s prior highs. In both cases, price action underperformed Gold, suggesting that a pullback first might help them to lock back in tande..

30-year Treasury Sep Contract (US, ETF: (TLT))
Reacting up from Wednesday”s opening test of the 157-14 sell signal to end the day testing the 158-26 buy signal was extended higher immediately Thursday by trending up intraday to fresh highs up to 160-08. Probably spurred on by a flight-to-quality from falling stocks, while a retest of the recent 160-22 overnight high is likely, not reversing down already before noon could turn the rally exponential..

Crude Oil Sep Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Flat-to-lower ranging Thursday doesn”t undermine the decline”s momentum, but it does open the door to forming a buy signal if fresh lows aren”t being probed into the weekend..

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Reaction to Thursday”s EIA report triggered a surge that probed above 2.77, but it held as resistance through to allow another probe of fresh lows that can fulfill unfinished business below before a durable rally might form..

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