Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the disable-gutenberg domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home4/jwl23/public_html/rd.johnlander.me/wp-includes/functions.php on line 6131
Daily Spot: Metals – If, Then… Market Timing

Daily Spot: Metals

By Rod David | May 11, 2011 - 5:21 pm

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

Gold Jun (GCM) Pullback target met, held… resolved? Despite initially having extended higher overnight, the 1497.00-1500.00 pullback target was tested at Wednesday’s lows. Another upleg to the corrective bounce now only need recover 1515.00 to be triggered, and closing above 1519.00 would confirm, targeting 1557.00-1560.00.

Silver Jul (SIN) Ending a corrective bounce a little too abruptly. Overnight highs up to 39.47 preceded a steep intraday dive to 35.01. The gap back down to Friday’s 34.45 close was filled, and still being tested at the close. The steep, deep intraday drop to support wasn’t enough to attract buyers, so the gap back down to Friday’s 33.27 may be tested, too.

Dollar Basket Jun (DXM) Rally isn’t exactly resting on its laurels. Overnight weakness down to 74.53 stopped far short of even attacking the 73.80 pullback limit. Tuesday’s 75.03 high was quickly recovered, and then extended to fresh highs up to 75.62. The resistance of “higher prior lows” above are almost non-existent. It’s premature, and not very refueled, but extending this rally would next target 77.35-77.40. Closing back under 74.95 would re-attempt the corrective dip targeting 73.80.

30-year Treasury Jun (USM) Expending buying pressure within the range. Tuesday’s recovery filled the gap back up to Monday’s 124’13 close, without closing any higher. So, no higher target is in-play. Testing 125’06 without first having refueled buyers would still be extra vulnerable to reversing down sharply.

Crude Oil Jun (CLM) Bounce ends without much warning. The 103.50-104.50 bounce limit proved sufficient to launch the next downleg. Gapping down to 102.50 extended lower to 97.50. The gap back to Friday’s close was barely filled, to late for a bounce that could have robbed sellers of their traction. Bounces should now hold any test of 100.50 to maintain momentum for fresh lows under 94.50.

Natural Gas Jun (NGM) Back to the drawing board. Tuesday’s close above 4.25 could have extended higher Wednesday to trigger a corrective bounce. But Tuesday’s bounce as retraced entirely.

[/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), Weekender (Fri).

Posted in Daily Spot