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Will Tuesday's Gold Shorts Soon Find Themselves Fueling Another Surge?


Meanwhile currencies ultimately held their retracement limits after Tuesday's opening gaps.

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: Since currencies ultimately held their retracement limits after Tuesday's opening gaps, gold's dip to its own pullback limit has the opportunity to launch one more upleg Wednesday.

Dollar Basket
Tuesday's open attacked the 80.10 pullback limit, which was tested throughout the day. The rally's resumption depends not only on holding 80.10 as support, but also on avoiding a second consecutive lower close Wednesday.

Dec Contract EC; (NYSEARCA:FXE)
Tuesday's open attacked the 1.3000 bounce limit, which was tested throughout the day. The decline's resumption depends not only on holding 1.3000 as resistance, but also on avoiding a second consecutive higher close Wednesday.

Feb Contract GC; (NYSEARCA:GLD)
Monday's rally to within $1 of the 1720.00 target reacted down Tuesday to test 1710.00 support, whose break would signal a retest of last week's lows underway. The 1706.00 intraday low struggled to test 1710.00 as resistance, let alone to recover it.

Mar Contract SI; (NYSEARCA:SLV)
Tuesday's gap down to and through 33.25 took the 34.00 target off the table, unless Wednesday were to recover 33.25.

30-year Treasury
Mar Contract US; (NYSEARCA:TLT)
Tuesday's gap down extended Monday's failed gap up above 150-00 that had returned to the 149-18 sell signal. Its 148-27 low was supported by "lower prior highs" whose test now all but ensures probing under 148-18..

Crude Oil
Jan Contract CL; (NYSEARCA:USO)
Monday's late dip under the 85.85 sell signal did not immediately extend down Tuesday. But more late weakness did probe fresh lows under 85.25.

Natural Gas
Tuesday's narrow sideways ranging ultimately did not extend Monday's gap down, and was still testing its lows. Only gapping up above the 3.60 prior high could trigger a buy signal without further consolidation.

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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