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Gold's Breakout Can't Afford to Hesitate
Today's surge comes from shaky ground, so follow-through would help to confirm.
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: Gold's surge Wednesday comes from a base that's not very stable. A second consecutive higher close confirming Wednesday's breakout would likely make the rally's slope very steep. Not confirming could reverse down steeply, too.

Dollar Basket
Mar Contract DX; (NYSEARCA:UUP), (NYSEARCA:UDN)
Reacting down Wednesday from having held 79.80 resistance still leaves outstanding the gap back to Friday's 79.50 open, which should hold its test.

Eurodollar
Mar Contract EC; (NYSEARCA:FXE)
While Wednesday morning's surge back to Friday's high held up to produce the minimum objective of a third higher close, it was still within the range. I'm reluctant to turn bearish until sellers exploit such weak buying, or else produce a break under prior lows. Perhaps fresh highs will develop simultaneously with the Dollar Index (above), neutralizing its attraction below.

Gold
Apr Contract GC; (NYSEARCA:GLD)
Trending up overnight through 1349.00 resistance gapped up to fresh highs. A pullback from extending already above 1370.00 would be difficult to recover, so failing to produce a second consecutive higher close would undermine potential for extending to 1378.50 and 1399.00.

Silver
May Contract SI; (NYSEARCA:SLV)
Tuesday's completion of the 20.70 pullback was rewarded by gapping up and extending higher Wednesday. A second consecutive higher close above 21.75 would signal new highs in play.

30-Year Treasury
Jun Contract US; (NYSEARCA:TLT)
Immediately following Tuesday's close above 131-10 that neutralized selling pressure, Wednesday's open gapped up through 131-24 to signal that buyers were retaking control. Extending higher intraday all but confirms that, except that touching 132-08 resistance intraday requires a close above it.

Crude Oil
Apr Contract CL; (NYSEARCA:USO)
Dropping overnight to 98.30 extended down intraday to within $0.20 of the 97.35 target that became likely when Tuesday's open didn't immediately recover Monday's dip.

Natural Gas
Apr Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
The ongoing consolidation didn't break higher again, but this time actually broke lower. The consolidation's longevity suggests that the break lower will fail and reverse back into the range. Back above 4.65 would still trigger a breakout.

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.
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.
Gold's Breakout Can't Afford to Hesitate
Today's surge comes from shaky ground, so follow-through would help to confirm.
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: Gold's surge Wednesday comes from a base that's not very stable. A second consecutive higher close confirming Wednesday's breakout would likely make the rally's slope very steep. Not confirming could reverse down steeply, too.

Dollar Basket
Mar Contract DX; (NYSEARCA:UUP), (NYSEARCA:UDN)
Reacting down Wednesday from having held 79.80 resistance still leaves outstanding the gap back to Friday's 79.50 open, which should hold its test.

Eurodollar
Mar Contract EC; (NYSEARCA:FXE)
While Wednesday morning's surge back to Friday's high held up to produce the minimum objective of a third higher close, it was still within the range. I'm reluctant to turn bearish until sellers exploit such weak buying, or else produce a break under prior lows. Perhaps fresh highs will develop simultaneously with the Dollar Index (above), neutralizing its attraction below.

Gold
Apr Contract GC; (NYSEARCA:GLD)
Trending up overnight through 1349.00 resistance gapped up to fresh highs. A pullback from extending already above 1370.00 would be difficult to recover, so failing to produce a second consecutive higher close would undermine potential for extending to 1378.50 and 1399.00.

Silver
May Contract SI; (NYSEARCA:SLV)
Tuesday's completion of the 20.70 pullback was rewarded by gapping up and extending higher Wednesday. A second consecutive higher close above 21.75 would signal new highs in play.

30-Year Treasury
Jun Contract US; (NYSEARCA:TLT)
Immediately following Tuesday's close above 131-10 that neutralized selling pressure, Wednesday's open gapped up through 131-24 to signal that buyers were retaking control. Extending higher intraday all but confirms that, except that touching 132-08 resistance intraday requires a close above it.

Crude Oil
Apr Contract CL; (NYSEARCA:USO)
Dropping overnight to 98.30 extended down intraday to within $0.20 of the 97.35 target that became likely when Tuesday's open didn't immediately recover Monday's dip.

Natural Gas
Apr Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
The ongoing consolidation didn't break higher again, but this time actually broke lower. The consolidation's longevity suggests that the break lower will fail and reverse back into the range. Back above 4.65 would still trigger a breakout.

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.
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.
Gold's Breakout Can't Afford to Hesitate
Today's surge comes from shaky ground, so follow-through would help to confirm.
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: Gold's surge Wednesday comes from a base that's not very stable. A second consecutive higher close confirming Wednesday's breakout would likely make the rally's slope very steep. Not confirming could reverse down steeply, too.

Dollar Basket
Mar Contract DX; (NYSEARCA:UUP), (NYSEARCA:UDN)
Reacting down Wednesday from having held 79.80 resistance still leaves outstanding the gap back to Friday's 79.50 open, which should hold its test.

Eurodollar
Mar Contract EC; (NYSEARCA:FXE)
While Wednesday morning's surge back to Friday's high held up to produce the minimum objective of a third higher close, it was still within the range. I'm reluctant to turn bearish until sellers exploit such weak buying, or else produce a break under prior lows. Perhaps fresh highs will develop simultaneously with the Dollar Index (above), neutralizing its attraction below.

Gold
Apr Contract GC; (NYSEARCA:GLD)
Trending up overnight through 1349.00 resistance gapped up to fresh highs. A pullback from extending already above 1370.00 would be difficult to recover, so failing to produce a second consecutive higher close would undermine potential for extending to 1378.50 and 1399.00.

Silver
May Contract SI; (NYSEARCA:SLV)
Tuesday's completion of the 20.70 pullback was rewarded by gapping up and extending higher Wednesday. A second consecutive higher close above 21.75 would signal new highs in play.

30-Year Treasury
Jun Contract US; (NYSEARCA:TLT)
Immediately following Tuesday's close above 131-10 that neutralized selling pressure, Wednesday's open gapped up through 131-24 to signal that buyers were retaking control. Extending higher intraday all but confirms that, except that touching 132-08 resistance intraday requires a close above it.

Crude Oil
Apr Contract CL; (NYSEARCA:USO)
Dropping overnight to 98.30 extended down intraday to within $0.20 of the 97.35 target that became likely when Tuesday's open didn't immediately recover Monday's dip.

Natural Gas
Apr Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
The ongoing consolidation didn't break higher again, but this time actually broke lower. The consolidation's longevity suggests that the break lower will fail and reverse back into the range. Back above 4.65 would still trigger a breakout.

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.
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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