Mid-day look at gold, crude and Treasuries

Gold Apr Contract ( jUN ,  ETF: (GLD))
Attacking  $1341.00 per ounce Tuesday without closing above 1335.50 had made the reversal attempt suspicious. Wednesday’s reversal maintains that suspicion, but closing back under 1325.00would actually signal momentum reversing down.

Eurodollar Mar Contract (EC, ETF: (FXE, UUP))
Slightly higher highs overnight nevertheless retraced in time Wednesday to hold the 1.2435 resistance that had held its test one day earlier.

Silver May Contract (SI, ETF: (SLV))
Tuesday’s close above $16.75 per ounce was not optimal for reversing the trend up, but it got a benefit of the doubt if confirmed Wednesday. It wasn’t. Closing back under 16.55 invalidated it. Closing decisively under 16.50 would confirm that momentum has reversed down targeting fresh lows.

30-year Treasury Jun Contract (US, ETF: (TLT))
Downtrending resistance and Tuesday’s 143-22 high held their tests Wednesday, still having room up to 144-10 without yet reversing the trend up.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The knee-jerk reaction to API had probed under $62.25 per barrel, but that was recovered into Wednesday’s open. Volatility into and out of the morning’s EIA report eventually extended down sharply to 60.60, back under the 61.35 bounce limit. If not rejected Thursday, then a new downleg is confirmed.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Trending up again overnight gapped up Wednesday to test $2.81 per thousand cubic feet resistance. A single-session’s blip-up was likely to react down sharply. The two-session pattern remains vulnerable to reversing down, while greeting Thursday’s EIA report from a position of strength.

About the Author

Rod David develops analytical techniques that are designed to efficiently identify targets and turning points for any liquid stock or market in any time frame. He primarily analyzes S&Ps, generating several round-turn candidates daily. Rod publishes “Trading Plan” and more each session at the blog http://IfThenSignals.com.