Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Have Gold and Silver Run Out of Sellers?


One more retest of their lows would be ideal for forming a bottom.

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: Silver outperforming gold recently became much more pronounced Friday, as silver barely probed a fresh low while gold could hardly stop. One more retest of their lows would be ideal for forming a bottom.

Dollar Basket
Friday's fresh high up to 83.60 spent the afternoon ranging around Thursday's 83.43 high, so essentially still testing the rally's 83.33 target without exceeding it enough for higher targets to be put into play.

Jun Contract EC; (NYSEARCA:FXE)
Perhaps it was only a warning shot across the bow, but Friday's open gapped up and away from the decline's 1.2955-1.3020 target that was tested during the two prior sessions. A reversal back down filled the gap from Thursday's close and dipped back into 1.2955-1.3020. No lower target was put into play.

Aug Contract GC; (NYSEARCA:GLD)
An overnight spike down to 1179.40 bounced $20 before reversing into Friday's open for testing the actual 1190.00 objective. Its recovery into positive territory above 1212.50 retraced Thursday's last down leg from 1226.50. Back under 1204.50 would target Friday's 1197.40 opening gap down. Closing first above 1232.00 would signal a bigger corrective bounce underway first.

Sep Contract SI; (NYSEARCA:SLV)
Recent outperformance vs. gold continued Friday, certainly more pronounced as silver surged through 18.88 resistance to 19.55. The bounce still has room up to 20.00 before signaling a bigger rally underway. Back under 19.00 would target a retest of 18.75 before completing a bottom.

30-Year Treasury
Sep Contract US; (NYSEARCA:TLT)
Poking above 135-00 had not generated enthusiasm for the two prior sessions, and neither did Friday which ranged narrowly. Pre-open action had tested 136-04 and reacted down to 134-20. Any lower low should begin the retest of the prior Friday's 133-12 opening gap.

Crude Oil
Aug Contract CL; (NYSEARCA:USO)
The rally extended overnight up to 97.80 but only ranged sideways intraday Friday around 97.00. The rally remains intact so long as pullbacks hold any test of 96.00.

Natural Gas
Aug Contract CL; (NYSEARCA:UNG, UNL)
Thursday's test of the 3.55-3.60 target area was extended intraday Friday to test 3.53 before reacting back up to 3.62. Still testing unchanged levels within the 3.55-3.60 area prevented putting into play any lower targets.

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.
Featured Videos