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Gold Hits a Big Bounce Target


In other commodities, the dollar pullback has ended while 30-year Treasuries rose a point.

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: The stock market's plunge revealed an interesting divergence in the euro and wildness in gold.

Dollar Basket
Jun Contract DX; (UUP), (UDN)
While Tuesday's bounce suggests that the pullback has ended, not decisively recovering back above Monday's 80.25 high does require a second consecutive higher close to confirm.

Jun Contract EC; (FXE)
Tuesday's drop bottomed upon filling the gap back to Monday's opening print. Closing under 1.3050 Wednesday would confirm the downleg had resumed.

Jun Contract GC; (GLD)
Intraday weakness nearly filled the gap back down to Thursday's 1631.50 close before reversing back up through 1640.50 to fulfill the next higher bounce target at 1657.00-1661.00. It was still being tested into the close. Closing back under 1657.00 Wednesday would prevent extending to 1678.50 and 1687.50.

May Contract SI, (SLV)
Tuesday's reaction down from 31.75 to 13.11 was recovered entirely, but no higher than 31.75, still having potential to 32.30 before signaling any bigger rally may be underway.

30-Year Treasury
Jun Contract US; (TLT)
Plunging stocks encouraged a flight to safety that added a point. Closing above 141-20 Wednesday would put into play 143-00. Otherwise, a pullback has room down to 140-12 before signaling a bigger drop targeting 138-00.

Crude Oil
May Contract CL; (USO)
Monday's recovery back above 102.25 barely extended any higher Tuesday before falling to fresh lows. Last Wednesday's 100.08 low was still being tested at the close, not clearly recovered, so the corrective bounce targeting 104.70 may be delayed until first touching 98.85.

Natural Gas
May Contract NG; (UNG)
Sunday night's new low had yet to be tested intraday. It was probed by new lows into Tuesday's close, further avoiding any recovery pattern.

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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No positions in stocks mentioned.
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