Daily Spot: Metals

A weekly summary of one complex, including daily updates of other developments elsewhere.[pay]

Gold Feb (GCG) The more things change… Friday’s close under 1365.00 (red line) was suspicious for being a sell signal. The morning’s 1360.00 low wasn’t clearly broken as support – it was still being tested as resistance into the close (highlighted green), despite an interim dip intraday under 1355.00.

In fact, 1365.00 was recovered overnight to test 1376.00. But Tuesday’s session dipped from there, once again testing 1365.00 as support. The gap back down to Friday’s 1359.60 close will want to be filled, until there is a close above Tuesday’s 1378.00 high.

Closing above 1376.00 would confirm the gap back up to last Thursday’s 1383.70 close (circled green) is targeted. Meanwhile, filling the gap back to 1359.60 had better recover substantially intraday to avoid closing under the 1365.00 sell signal.

Dollar Basket Mar (DXH) Hanging on for dear life. Tuesday’s gap down recovered to fill the gap back to Friday’s close, neutralizing its attraction above. Recovering 79.55 would be bullish to 80.40. Otherwise, closing under 79.00 would signal a much bigger break underway.

30-year Treasury Mar (USH) King of the last minute saves. This time, a sell signal was narrowly avoided by recovering a probe under 120’14. Sellers weren’t necessarily marginalized, but they didn’t gain traction, and neither did buyers.

Crude Oil Feb (CLG) Sometimes, no rejection is good news. Two days of not closing under 91.00, despite testing it intraday, make its break less likely. Closing under 91.00 would still signal momentum reversing down to at least test 88.00, but I wouldn’t position early for it.

Natural Gas Feb (NGG) Patience is no virtue. Still ranging narrowly under 4.55, with an unnecessary retest 4.40 support.

[/pay]

Share your questions and comments on this post in the blog, or in the chartroom…

Daily Spot coverage schedule is: Currencies (Mon), Metals (Tue), Energies (Wed), Rates (Thu), Softs (Fri, coming).