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Gold Action Subdued, but Buyers Aren't Rotating Into Crude Oil


One might be incapable of rallying without the other, unless crude oil can reject the past two sessions' decline without further delay.

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.

Today's Highlight: Gold action was finally subdued Monday, but that didn't see buyers rotate into crude oil, only more selling pressure. One might be incapable of rallying without the other, unless crude oil can reject the past two sessions' decline without further delay.

Dollar Basket
Monday's narrow ranging may have only delayed gapping down from Friday's range to form and Island Reversal.

Mar Contract EC; (NYSEARCA:FXE)
Monday's narrow inside day did not trigger a signal. Back above 1.3105-1.3113 would signal momentum reversing up and potentially targeting 1.3185 and 1.3300.

Apr Contract GC; (NYSEARCA:GLD)
Monday's narrow ranging essentially tested 1575.00 throughout the day, holding 1571.00 support. But in any case, sellers remain in control.

Mar Contract SI; (NYSEARCA:SLV)
Monday's narrow inside day hovered at 28.45 support, all but assuring a probe of fresh lows to come.

30-Year Treasury
Mar Contract US; (NYSEARCA:TLT)
Monday finally dipped a little from Friday's gap up to 144-22 resistance, but only slightly to avoid triggering any signal.

Crude Oil
Apr Contract CL; (NYSEARCA:USO)
The initial break lower is becoming outsized to be only a false break. Back above 91.45 would signal momentum reversing down, but it must trigger before Tuesday's close.

Natural Gas
Monday firmed back toward Thursday's test of 3.55, posited for a breakout that should be underway by Tuesday's close if the recent rally isn't instead peaking.

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.
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