Daily Spot… Is Gold going?

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))
Touching Thursday”s low and then firming into Friday afternoon avoids confirming Thursday”s breakout. It”s not quite enough to actually reject the breakout, but that attempt to trend down failed.

Gold Dec Contract (GC, ETF: (GLD))
Thursday”s break extended down Friday to probe under the 1125.70 pullback limit and to retest last week”s 1117.00 low by $1. There was already no bullish reason for Thursday”s break, and now Friday”s second consecutive lower close has confirmed.

Silver Dec Contract (SI, ETF: (SLV))
Ranging narrowly at or around 14.55 remains vulnerable to quickly visiting the recent gap down at 14.35 under all prior lows that requires being filled before a credible rally can begin.

30-year Treasury Dec Contract (US, ETF: (TLT))
Gapping up Friday and firming to probe the 155-16 buy signal didn”t extend higher intraday. It”s still credible, but desperately needs confirmation from a second consecutive higher close.

Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
A little weakness Friday didn”t undermine Thursday”s higher close that had confirmed the prior day”s recovery, targeting a fresh high.

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Gapping down and trading weaker intraday Friday didn”t break under the range”s prior lows. Thursday”s piercing of its upper-end didn”t require immediate confirmation, so early strength Monday would be credible for trending higher intraday.