Daily Spot… Gold hits its big target

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))
The 1.1110 bounce limit held Thursday, so reversing the trend up would now require closing above 1.1155. Otherwise, 1.0910 down to 1.0855 is in-play.

Gold Aug Contract (GC, ETF: (GLD))
Thursday”s s Employment Situation report was greeted already testing the longstanding 1158.50 target. A blip down to 1156.00 reacted up sharply to 1168.00 before ranging sideways into the close. There is no buy signal, and at least a retest of 1158.50 is likely, regardless of the resolution.

Silver Sep Contract (SI, ETF: (SLV))
Fresh lows were avoided during the past week fresh — or, at least confirming a break lower — while gold met its target. None of which is a buy signal, but makes the pattern vulnerable to leveraging buying pressure.

30-year Treasury Sep Contract (US, ETF: (TLT))
Thursday morning”s reaction the Employment Situation report blipped down to touch 147-26. That”s a 61.8% proxy retracement of last Friday”s range, whose gap back to its 147-16 should still be filled.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Bouncing Thursday off of 56.85 — support that had held Wednesday”s low — bounced to 57.75 resistance. Resistance held, and its reaction down attacked 56.85. Closing above Thursday”s 57.95 high would end the decline and above 58.35 would reverse the trend up. The drop”s momentum otherwise remains intact.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Gapping up to 2.83 Thursday extended sharply higher to 2.89, filling the week-old gap back up to 2.86. Neutralizing its attraction above enabled a dip back to 2.83 as support. Closing above 2.83 requires extending higher aggressively without delay, to prove that filling the gap back up to 2.86 didn”t neutralize all remaining upside attractions.