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Has Gold Extended Its Decline Too Far and for Too Long?
Today's action formed the basis for a reversal setup.
Rod David    

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: Has the yellow metal extended its decline too far, for too long? The recent lows aren't gaining new traction. Crude oil is meanwhile trying to break out of a consolidation that has also extended for too long. Rallying in tandem would be credible.

Dollar Basket
Jun Contract DX; (NYSEARCA:UUP), (NYSEARCA:UDN)
Narrow ranging Wednesday left the pattern intact, but momentum is in need of sudden volatility to pry price loose from its range.

Eurodollar
Jun Contract EC; (NYSEARCA:FXE)
Still in the process of decline, but the current range didn't break lower Wednesday as price only ranged narrowly.

Gold
Apr Contract GC; (NYSEARCA:GLD)
Drifting lower Wednesday attacked 1300.00, so that now recovering 1317.00 and 1323.00 would signal and confirm a rally under way targeting at least 1342.00.

Silver
May Contract SI; (NYSEARCA:SLV)
The requirement to eventually revisit 20.70 above didn't prevent Wednesday's session from extending down to fresh lows attacking 19.75 support.

30-Year Treasury
Jun Contract US; (NYSEARCA:TLT)
Wednesday's gap down to 132-22 support was discussed as having no excuse not to reverse up into negative territory. In fact, the recovery's 133-22 target was attacked to within one tick at the afternoon's high. Now holding 133-10 as support would allow the rally to extend higher to 134-06, but back under 133-04 would signal momentum reversing back down.

Crude Oil
Apr Contract CL; (NYSEARCA:USO)
Ongoing ranging defined essentially by 99.50-100.00 persisted yet another day Wednesday. Until the end, when a fresh high was probed and maintained through the close. So long as not rejected immediately, a breakout appears to be underway.

Natural Gas
Apr Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Tuesday's gap up didn't extend higher Wednesday, but neither was it rejected as the session only ranged sideways. Pre-open action had suggested the lows could be retested before extending higher. Wednesday's action doesn't change that potential.

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.
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.
Has Gold Extended Its Decline Too Far and for Too Long?
Today's action formed the basis for a reversal setup.
Rod David    

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: Has the yellow metal extended its decline too far, for too long? The recent lows aren't gaining new traction. Crude oil is meanwhile trying to break out of a consolidation that has also extended for too long. Rallying in tandem would be credible.

Dollar Basket
Jun Contract DX; (NYSEARCA:UUP), (NYSEARCA:UDN)
Narrow ranging Wednesday left the pattern intact, but momentum is in need of sudden volatility to pry price loose from its range.

Eurodollar
Jun Contract EC; (NYSEARCA:FXE)
Still in the process of decline, but the current range didn't break lower Wednesday as price only ranged narrowly.

Gold
Apr Contract GC; (NYSEARCA:GLD)
Drifting lower Wednesday attacked 1300.00, so that now recovering 1317.00 and 1323.00 would signal and confirm a rally under way targeting at least 1342.00.

Silver
May Contract SI; (NYSEARCA:SLV)
The requirement to eventually revisit 20.70 above didn't prevent Wednesday's session from extending down to fresh lows attacking 19.75 support.

30-Year Treasury
Jun Contract US; (NYSEARCA:TLT)
Wednesday's gap down to 132-22 support was discussed as having no excuse not to reverse up into negative territory. In fact, the recovery's 133-22 target was attacked to within one tick at the afternoon's high. Now holding 133-10 as support would allow the rally to extend higher to 134-06, but back under 133-04 would signal momentum reversing back down.

Crude Oil
Apr Contract CL; (NYSEARCA:USO)
Ongoing ranging defined essentially by 99.50-100.00 persisted yet another day Wednesday. Until the end, when a fresh high was probed and maintained through the close. So long as not rejected immediately, a breakout appears to be underway.

Natural Gas
Apr Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Tuesday's gap up didn't extend higher Wednesday, but neither was it rejected as the session only ranged sideways. Pre-open action had suggested the lows could be retested before extending higher. Wednesday's action doesn't change that potential.

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.
Daily Recap
Has Gold Extended Its Decline Too Far and for Too Long?
Today's action formed the basis for a reversal setup.
Rod David    

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: Has the yellow metal extended its decline too far, for too long? The recent lows aren't gaining new traction. Crude oil is meanwhile trying to break out of a consolidation that has also extended for too long. Rallying in tandem would be credible.

Dollar Basket
Jun Contract DX; (NYSEARCA:UUP), (NYSEARCA:UDN)
Narrow ranging Wednesday left the pattern intact, but momentum is in need of sudden volatility to pry price loose from its range.

Eurodollar
Jun Contract EC; (NYSEARCA:FXE)
Still in the process of decline, but the current range didn't break lower Wednesday as price only ranged narrowly.

Gold
Apr Contract GC; (NYSEARCA:GLD)
Drifting lower Wednesday attacked 1300.00, so that now recovering 1317.00 and 1323.00 would signal and confirm a rally under way targeting at least 1342.00.

Silver
May Contract SI; (NYSEARCA:SLV)
The requirement to eventually revisit 20.70 above didn't prevent Wednesday's session from extending down to fresh lows attacking 19.75 support.

30-Year Treasury
Jun Contract US; (NYSEARCA:TLT)
Wednesday's gap down to 132-22 support was discussed as having no excuse not to reverse up into negative territory. In fact, the recovery's 133-22 target was attacked to within one tick at the afternoon's high. Now holding 133-10 as support would allow the rally to extend higher to 134-06, but back under 133-04 would signal momentum reversing back down.

Crude Oil
Apr Contract CL; (NYSEARCA:USO)
Ongoing ranging defined essentially by 99.50-100.00 persisted yet another day Wednesday. Until the end, when a fresh high was probed and maintained through the close. So long as not rejected immediately, a breakout appears to be underway.

Natural Gas
Apr Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Tuesday's gap up didn't extend higher Wednesday, but neither was it rejected as the session only ranged sideways. Pre-open action had suggested the lows could be retested before extending higher. Wednesday's action doesn't change that potential.

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.
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