Mid-day look at gold, crude and Treasuries

Gold Apr Contract ( jUN ,  ETF: (GLD))
Bouncing overnight held a test of $1325.50 per ounce resistance. Its complete retracement greeted Tuesday’s CPI unchanged. A wide $14 knee-jerk reaction ultimately resolved up to test and retest 1325.50 by several dollars. There’s still room up to 1335.00 before signaling a bigger rally underway, but that becomes only a formality if another downleg isn’t underway already Wednesday.

Eurodollar Mar Contract (EC, ETF: (FXE, UUP))
Monday’s recovery back up to the 1.2345 sell signal extended higher Tuesday, back up to the “higher prior lows” of the Tue-Wed range that had launched Thursday’s plunge. Back under 1.2330 would resume the decline.

Silver May Contract (SI, ETF: (SLV))
An overnight bounce had retraced to unchanged ahead of Tuesday’s CPI, which triggered a spike up to $16.70 per ounce. Which is still in the 16.50-16.75 range that avoids triggering a signal.

30-year Treasury Jun Contract (US, ETF: (TLT))
Tuesday’s 30-year auction was greeted by fresh highs testing 144-05 resistance up to 144-15. Reacting down a couple more times each recovered to the downtrending resistance. But closing beyond either would be likely to extend in that direction. Closing above 144-05 would be credible for extending higher, but back under 143-16 would signal a new downleg underway.

Crude Oil Apr Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Bouncing back up to the $61.35 per barrel bounce limit Monday didn’t recover it, so Tuesday’s break back down to Monday’s lows helps to confirm the downtrend has resumed.

Natural Gas May Contract (NG, ETF: (UNG, UNL))
Probing slightly higher highs overnight were retraced back to and/or under the 2.81 “lower prior highs” Tuesday, which keeps alive potential for a corrective dip

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.