The following are the latest daily summaries of my ongoing intraday coverage, providing context to interpret price action. Any prices listed are for a contract's current "front month." Their direction tends to correlate with any ETFs listed for each.
Neither gold nor silver extended Friday’s bounces Monday. That’s not necessarily bearish, and doesn’t undermine potential for extending higher Tuesday. But extending higher Tuesday would now be likely to peak.
Editor's note: Rod's analytical techniques are designed to efficiently identify targets and turning points for any liquid stock or market in any time frame. He applies his techniques live intraday, primarily to S&P futures, at RodDavid .com
Jun Contract DX; (NYSEARCA:UUP), (NYSEARCA:UDN)
Monday’s bounce to 82.90 recognized the yen’s continued decline, but there remains potential for the bounce to test 82.10-83.20 before reversing back down.
Jun Contract EC; (NYSEARCA:FXE)
Ranging narrowly Monday as the spotlight moved to the yen kept alive potential for extending the bounce.
Apr Contract GC; (NYSEARCA:GLD)
Monday’s pullback to 1566.60 did not produce a second consecutive higher close that would have confirmed Friday’s close above 1575.00 was extending. But neither did it reverse momentum down, leaving the door open to fresh highs Tuesday.
May Contract SI; (NYSEARCA:SLV)
Monday’s narrow sideways ranging did not confirm momentum had reversed up. Almost any immediate trending at Tuesday’s open should be short-lived, and reversed more substantially in the opposite direction.
Mar Contract US; (NYSEARCA:TLT)
Friday’s probe of 147-26/148-00 had held as resistance through the close, and Monday’s opening gap down tested the 147-14 pullback limit
Apr Contract CL; (NYSEARCA:USO)
Sunday night’s attack on 93.75-94.15 resistance was retraced into Monday’s open. Recovering back up to 93.25 was enough only to probe recent highs, and not to reverse momentum back up.
Apr Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Despite extending higher initially Monday to 4.18, a reversal back into negative territory avoided confirming Friday’s breakout rally.
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.