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Daily Spot… Gold getting tired of its range? – If, Then… Market Timing

Daily Spot… Gold getting tired of its range?

By Rod David | May 12, 2015 - 2:21 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 Jun Contract (EC, ETF: (FXE, UUP))
Gapping up Tuesday.and ranging sideways avoided confirming Monday”s break. It also corrected the dip from last week”s target. If Wednesday doesn”t accelerate Tuesday”s recovery attempt, then it”s probably because the decline has resumed

Gold Jun Contract (GC, ETF: (GLD))
A pre-open spike up from testing 1182.70 tested the range”s 1194.50 upper-end, which held as resistance Tuesday. It also created a new sell signal at 1187.00, whose break would be confirmed under 1182.70.

Silver Jul Contract (SI, ETF: (SLV))
Tuesday”s bounce extended throughout 16.50-16.65 resistance, stopping just short of even beginning to signal that momentum was reversing up.

30-year Treasury Jun Contract (US, ETF: (TLT))
Monday night”s retest of last week”s 153-00 low extended down to 151-16. RSIs diverged positively on its retest down to 151-04, launching a 3-point rally. RSIs diverged negatively while RSIs tested and retested 154-04 resistance. A pullback holding 153-08 could resume the rally, but it wouldn”t be very credible so quickly at this stage of the pattern.

Crude Oil Jun Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
.Two days of testing the 58.65 pullback limit tried resolving up Tuesday morning, testing 60.65. Closing higher Wednesday would confirm a new rally leg underway with potential to 70.00.

Natural Gas Jun Contract (NG, ETF: (UNG, UNL))
Thursday”s dip to 2.80 avoided dipping any lower into a pullback, and resolved by gapping up Tuesday and extending to fresh highs at 2.93. Closing above 2.95 would confirm the 3.06 prior high”s test is in-play. Back under 2.85 would offer one last chance for a pullback targeting 2.63-2.67.

Posted in Daily Spot