Mid-day look at gold, crude and Treasuries

February 5, 2018 • Reprints

Gold Apr Contract (GC, ETF: (GLD))
Bouncing back up to "higher prior lows" at $1341.00 per ounce reacted down from its resistance to range sideways intraday. Probing above Monday's high Tuesday would be likely to extend higher.​

Eurodollar Mar Contract (EC, ETF: (FXE, UUP))

Relatively shallow weakness down to 1.2420 is no small victory. Not while many other currencies were trending down intraday. And now when Mario Draghi is speaking in the background. Back above 1.2500 would target a retest of prior highs above 1.2570.

Silver Mar Contract (SI, ETF: (SLV))
Monday's shallow bounce was easily retraced but only back into the range and not to fresh lows. There is on buy signal indicated.

30-year Treasury Mar Contract (US, ETF: (TLT))
Firming overnight didn't make the pattern any likelier to reverse up, let alone to recover. An intraday reversal fell to fresh lows, potentially fulfilling the recent confirmed breakout's requirement for at least another lower close.

Crude Oil Mar Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Friday's recovery to $65.35 per barrel was retraced again back down to 64.65, and lower to 63.50, which undermines any reliable timing for another upleg.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL))
Gapping down slightly Monday soon filled the outstanding gap below to neutralize its attraction, but didn't recover to close positive which would have reversed the trend back up.

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.