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Hi-Yo Silver... and Gold... Away!


Precious metals including gold and silver probed fresh relative highs Monday. Crude and gas moved sideways.

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: Precious metals including gold and silver probed fresh relative highs Monday. Silver probed levels not seen in weeks, with a bullish aggression not seen since the Hunt Brothers tried to corner the market. That may be an exaggeration, but not relative to the range's tight ongoing hold.

Dollar Basket
Sep Contract DX; (UUP), (UDN)
The week began by attacking 82.80, whose recovery would signal a new upleg underway. The session ended without recovering from a dip back into negative territory.

Sep Contract EC; (FXE)
Monday's opening dip under 1.2300 reacted back up into positive territory. Back above 1.2380 would suggest a bigger corrective bounce underway before ultimately retesting prior lows.

Dec Contract GC; (GLD)
An early retest of the 1613.00 pullback limit Monday morning launched a probe of fresh highs attacking 1625.00. Now pullbacks must hold 1619.00 to maintain the rally's momentum.

Sep Contract SI; (SLV)
Monday's surge through 28.00-28.15 extended to fresh highs, signaling that 30.00-30.35 is in-play.

30-year Treasury
Sep Contract US; (TLT)
Monday's narrow ranging around 146-00 nearly qualified as in inside day. It was the second consecutive session to trade exclusively within Thursday's range. The 146-25 bounce limit could be extended up to 147-00, and still be likely to resolve down.

Crude Oil
Sep Contract CL; (USO)
Narrow sideways ranging Monday only slightly pierced under the 95.15 pullback limit, maintaining the likelihood of resolving up.

Natural Gas
Sep Contract NG; (UNG), (UNL)
Monday's sideways range avoided probing lower lows, leaving open the potential that closing above 2.80-2.85 would trigger an upleg.

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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