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Gold's Week-Ending Rally Confirms Thursday's Accumulation Signal

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But its stiff upper lip could take another punch before completing a bottom.

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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: While gold's sharp rally into the weekend does confirm that sellers had run out of steam, extending much higher without delay would be more in line with a corrective bounce, instead of patiently forming a bottom.

Dollar Basket
Jun Contract DX; (NYSEARCA:UUP), (NYSEARCA:UDN)
Fresh lows Friday now require extending under 82.50 to maintain this downleg's 81.40 target.

Eurodollar
Jun Contract EC; (NYSEARCA:FXE)
Friday's probe above 1.3010 signals a larger rally underway targeting 1.3325 so long as 1.2955 now holds as support.

Gold
Apr Contract GC; (NYSEARCA:GLD)
Only attacking 1547.50 overnight, Friday's NFP triggered a $22 spike up that eventually extended higher to 1579.50. The recovery targeting 1594.50 would be confirmed by a second consecutive higher close Monday, and back under 1570.00 would start to signal a fresh low being possible.

Silver
May Contract SI; (NYSEARCA:SLV)
Friday's early spike above 26.95 confirms that a bottom is forming, so any dips under 27.00 should hold through the close.

30-year Treasury
Mar Contract US; (NYSEARCA:TLT)
The 145-14 sell signal wasn't even threatened as the rally extended sharply higher Friday up to 148-09. The rally's momentum remains intact so long as 147-14 were to hold as support.

Crude Oil
Apr Contract CL; (NYSEARCA:USO)
Having failed to bounce enough Thursday to reverse momentum up, the pattern remained vulnerable to probing fresh lows. Friday's test of Thursday's low down to 92.00 closed easily within Thursday's range, suggesting that sellers are losing traction, but not necessarily that buyers are gaining any.

Natural Gas
Apr Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Thursday's basis for a Pivot Reversal indicated that almost any higher high above 3.98 could extend sharply higher into and out of the weekend. Friday's open gapped up through it to and extended sharply higher intraday to fresh highs at 4.12. The rally remains intact so long as pullbacks now hold 4.05 as support.

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.
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.

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