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FOMC Minutes Add Extra Life to Recent Moves


Trending underway extended for gold and the euro while other markets held steady.

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: Wednesday's FOMC minutes didn't change much. Trending underway extended, such as gold and the euro, while other markets held steady.

Dollar Basket
Sep Contract DX; (UUP), (UDN)
Probing under Tuesday's lows Wednesday makes any rally attempt suspicious before now probing under 81.40. Wednesday's low attacked 81.60.

Sep Contract EC; (FXE)
Wednesday afternoon's break higher to 1.2543 confirmed that 1.2570 is in-play, so long as 1.2455 now holds as support.

Dec Contract GC; (GLD)
Tuesday's warning of near-term resistance at 1643.60 didn't prevent probing 1650.00 Wednesday. It was retraced entirely, back into negative territory, before FOMC minutes triggered a surge to fresh highs at 1654.80. The rally next targeting 1672.00 remains intact so long as 1644.50-1646.00 were to hold as support.

Sep Contract SI; (SLV)
The rally extended Wednesday to 29.79, nearing its 30.00-30.35 target, which now remains in-play so long as 29.25 holds pullbacks.

30-year Treasury
Sep Contract US; (TLT)
Tuesday's recovery from breaking lower extended higher Wednesday by gapping gap up to test 147-00 and eventually touch 147-25 resistance. Any higher could no longer qualify as only a corrective bounce. Back under 146-24 would reverse momentum down.

Crude Oil
Oct Contract CL; (USO)
Following Tuesday's gap up, Wednesday's open still had enough room to gap down to 96.40 without even touching "lower prior highs," let alone probing any relevant support. An afternoon retest reacted up toward 97.54 session highs to maintain the rally's momentum.

Natural Gas
Sep Contract NG; (UNG), (UNL)
Wednesday's session probed back into the 2.80-2.85 resistance area, but no higher, which would have been likely to extend sharply higher intraday.

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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