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Has Gold Turned a Corner?


Possibly, or otherwise a corrective bounce is ending.

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 gold turned a corner, even temporarily? It's either that, or a corrective bounce is ending. The next week's trending should be able to gain traction.      
Dollar Basket
Friday's narrow ranging still leaves no pattern or active setup.

Jun Contract EC; (NYSEARCA:FXE)
Friday's narrow ranging still leaves no pattern or active setup.

Jun Contract GC; (NYSEARCA:GLD)
Thursday's stunning reversal extended higher overnight to greet Friday ranging around Thursday's 1299.00 highs, where the balance of the session remained. There is no buy setup, and a dip to at least 1285.00 is likely.

May Contract SI; (NYSEARCA:SLV)
Still ranging at or around 19.75 resistance Friday prevents a new upleg from getting underway -- so does the gap back down to Thursday's open, which should be filled first.

30-year Treasury
Jun Contract US; (NYSEARCA:TLT)
Gapping up at Friday's open extended intraday to retest recent highs at 135-08. The recovery doesn't qualify as a buy signal, and back under 134-06 is still the nearest sell signal.

Crude Oil
May Contract CL; (NYSEARCA:USO)
Further weakness into the weekend wasn't deep enough to signal momentum reversing down, leaving the door open to a bounce back to 104.50 before a downleg would be credible.

Natural Gas
Thursday's reaction down extended lower to 4.64 into the weekend. Under 4.62 would signal the pullback extending to 4.41.

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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