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Daily Spot… Gold’s gap, out of line but hard to fade – If, Then… Market Timing

Daily Spot… Gold’s gap, out of line but hard to fade

By Rod David | June 18, 2015 - 2:22 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 SepContract (EC, ETF: (FXE, UUP))
Fulfilling the outstanding requirement for a third higher close Wednesday helped to trigger an Ascending Triangle pattern that had formed. Extending higher Thursday tried confirming Wednesday”s breakout with a second consecutive higher close, which would require another eventual third higher close. Regardless of the confirmation, just having gapped up Thursday above all prior highs does undermine an immediate reversal attempt.

Gold Aug Contract (GC, ETF: (GLD))
While awaiting a break under the 1175.00 sell signal, two big bounces held their maximum limits. But Wednesday”s post-close surge in reaction to the FOMC statement extended sharply higher overnight to test 1999.00-1204.00 where the early-Jun surge peaked. This retest may be as temporary, and back under 1197.00 would reverse momentum down.

Silver Jul Contract (SI, ETF: (SLV))
Reacting higher Wednesday to the FOMC statement extended higher overnight to test the upper-end of the 16.15-16.35 resistance range. Reacting down sharply to the range”s lower-end can”t afford to close any lower, or else new lows would be in-play.

30-year Treasury Sep Contract (US, ETF: (TLT))
Bouncing Wednesday from only attacking it 149-16 pullback objective had undermined the recovery attempt. Extending the bounce overnight to 151-29 still reversed down Thursday to thoroughly test 149-16 by another quarter-point. Closing back above 150-10 would resume the rally.

Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
[Rolling coverage forward from Jul to Aug which is at a 40-cent premium] A failed overnight rally had tested the 61.20 buy signal. Bouncing into Thursday”s open spent the session ranging narrowly flat-to-higher around 60.70 resistance. There is no new setup to initially target 63.55.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Thursday”s EIA report was greeted from a position of strength above prior lows and having probed fresh highs. The knee-jerk reaction from 2.83 support up to 2.88 reacted down anyway to test 2.77 support. Back above 2.83 would signal the rally resuming.

Posted in Daily Spot