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Daily Spot,,, Gold’s lead trial balloon. – If, Then… Market Timing

Daily Spot,,, Gold’s lead trial balloon.

By Rod David | June 1, 2015 - 2:23 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))
Potential for extending the corrective bounce above 1.1000 was interrupted by Monday”s drop to 1.0890, which retraced 61.8% of the rally from last week”s 1.0820 low. Back above 1.0960 and 1.0975 would resume the bounce to 1.1095. Otherwise, extending the pullback any deeper could resume the massive decline.

Gold Jun Contract (GC, ETF: (GLD))
One or two modest spikes up hadn”t stretched the rubber band enough for its snap back down to finally chip away at support. That didn”t change whether the ranging was distributive. Neither did Monday morning”s surge to 1204.70, which retraced entirely back down to unchanged under 1190.00. That was preceded by early weakness, so closing negative is the minimum requirement to start a break lower.

Silver Jul Contract (SI, ETF: (SLV))
Surging Monday morning to test 17.15 was retraced entirely to prevent buyers from gaining traction. But piercing negative territory under 16.65 didn”t actually reverse the trending back down, which is the bearish pattern”s only missing element.

30-year Treasury Sep Contract (US, ETF: (TLT))
The next higher objective for a corrective bounce was rendered moot when Monday avoided probing at all above Friday”s 155-26 high before trending back down intraday under 154-20 to signal the bounce had ended already. The reversal extended down to test 153-08, so a bounce now has room up to 154-12 to maintain the reversal down.

Crude Oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Closing under 60.30 Friday prevented the session”s rally from gaining traction. Monday was spent ranging around the original 59.75 sell signal. Back under 58.70 should resume the decline, but breaking above 60.80 would more likely test 63.00 first.

Natural Gas Jul Contract (NG, ETF: (UNG, UNL))
Gapping down to fresh lows Sunday further delayed the potential for a buy signal. But closing Monday above Friday”s lows does allow a bottoming setup to form Tuesday, by probing Sunday night”s 2.60 low intraday and recovery back into Friday”s range again above 2.64, above 2.68 would be optimal. Bounces meanwhile should hold 2.71 as resistance.

Posted in Daily Spot