Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Is Gold Ready to Turn Things Around?


Take a look at the intraday action in commodities.

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's reaction up from support nearly sealed a bottom. But that's what Mondays are for.

Dollar Basket
The 79.79 corrective bounce target was nearly met by Friday's gap up that extended sharply higher intraday. It remains in-play so long as 79.55 holds as support.

Mar Contract EC; (NYSEARCA:FXE)
Thursday's reaction down from retesting 1.3313 extended down Friday to 1.3170. The initial 1.3140 target remains in-play so long as 1.3225 is not recovered.

Feb Contract GC; (NYSEARCA:GLD)
Thursday's test of the 1636.00-1639.00 area was repeated somewhat overnight before Friday's rally back up to and through 1652.00-1657.00. The range's upper-end was still being tested throughout the afternoon. Closing Monday above 1665.00-1667.00 would confirm momentum having reversed up.

Mar Contract SI; (NYSEARCA:SLV)
Holding 29.50 as support suggests a bounce underway targeting at least 31.65.

30-year Treasury
Mar Contract US; (NYSEARCA:TLT)
Two consecutive shallow tests of the 147-00/147-12 bounce target's lower-end kept alive potential for probing the range more thoroughly. Friday's gap up to the range's upper-end held its test. Despite extending at one point up to 147-23, the strength still seemed subdued relative to the stock market decline, suggesting its bounce was only temporary.

Crude Oil
Feb Contract CL; (NYSEARCA:USO)
Thursday's retest of 90.25 resistance was rejected by Friday's break back under 89.65, which extended down to test 88.00. Another test of 86.80 is likely so long as 88.88 now holds as resistance. Avoiding a second consecutive lower close Monday would all but marginalize buyers, so look out above if the reversal down fails.

Natural Gas
Thursday's probe of Tuesday's high all but required that Friday extend higher sharply, or else a rally would be unlikely. Trending up immediately Monday could serve by proxy for Friday's sideways range.

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.
< Previous
  • 1
Next >
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.
Featured Videos