Mid-day look at gold, crude and Treasuries

Gold Apr Contract (jUN , ETF: (GLD))
Overnight weakness was late to develop but produced a gap down Monday to the $1320.00 area per ounce. Its support has been chipped away enough to break lower Tuesday to confirm downside momentum remains intact. Otherwise, much more delay in extending down would suggest a retest of 1335.00 is likelier.

Eurodollar Mar Contract (EC, ETF: (FXE, UUP))
Monday’s shallow gap down within Friday’s range didn’t resume Thursday’s steep drop, and only firmed back up to the 1.2345 sell signal that had triggered on Thursday.

Silver May Contract (SI, ETF: (SLV))
Gapping down Monday to $16.50 per ounce and holding 16.55 as a bounce Monday doesn’t reinforce the open’s selling pressure. Reversing down now requires closing under 16.40 support which had been thoroughly tested and chipped away Friday.

30-year Treasury Jun Contract (US, ETF: (TLT))
Friday afternoon’s 143-10 resistance was probed further throughout Monday, back up to 143-16 and 143-21 that had were never broken decisively. Almost any delay in another downleg Tuesday would be likely to test 144-06 resistance next.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
An overnight test of 62.25 stopped short of testing the $62.50 per barrel buy signal. But the bearish pattern needed to decisively reverse back under the 61.35 bounce limit that Friday had recovered. Monday morning’s plunge to 60.67 tried, but the session ended back up at 61.35.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
The two-day blip-up to $2.81 per thousand cubic feet and two-day retracement back down to the blip-up’s 2.75 origin have defined a range of resistance. Monday’s gap up Mondaypierced the upper-end, which ultimately held through the close.

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.