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Gold Bears Did Not Fare Well Today


Gold started the new week by absorbing more sellers.

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 intraday weakness Monday was less severe than its overnight weakness ahead of Friday's open. Could it have fulfilled enough selling pressure to let a new upleg begin?

Dollar Basket
Monday's narrowly ranging inside day keeps the bounce off last week's lows from gaining momentum. But a new downleg cannot begin without closing under 81.65, which should be tested intraday.

Sep Contract EC; (NYSEARCA:FXE)
Monday's reaction down from having retested the rally's 1.3333 target was too shallow to indicate trending was underway. The inside day is not predictive, but it does suggest the recent highs will be retested.

Oct Contract GC; (NYSEARCA:GLD)
Monday's retracement of Friday's recovery did react up from probing under 1300.00. Almost any delay in resuming the rally would suggest a bigger downleg forming.

Sep Contract SI; (NYSEARCA:SLV)
Gapping down Monday held 19.65 support, and recovering back above 20.00 Tuesday would still be credible for launching a new upleg targeting 21.50.

30-year Treasury
Sep Contract US; (NYSEARCA:TLT)
Friday's rally had stopped short of gaining traction, but Monday's reaction down was more drifting than trending. There is no active pattern other than the potential for retesting last week's low down to 131-06.

Crude Oil
Sep Contract CL; (NYSEARCA:USO)
Sunday night's test of 106.00 was recovered just as was Friday's test of 106.50. A deeper pullback targeting 103.55 isn't necessarily in-play, but that's still the likelier scenario.

Natural Gas
Sep Contract CL; (NYSEARCA:UNG, UNL)
The week began as last week had ended, drifting down to new lows. There is no active pattern, still needing a retest of "higher prior lows" at 3.55-3.60 to signal the drop may even be ending.

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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