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Is Gold Nervous About Something?


Gold came alive Friday, just in time for the weekend.

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 break higher may be the rare watched pot that actually boils. But this stage of the pattern can't tolerate deep pullbacks, since it originated from a base that was already rife with impatient buyers.

Dollar Basket
Friday's fresh lows have room for extending down to 79.80 if not rejected by rally through Monday's close.

Mar Contract EC; (NYSEARCA:FXE)
Friday's second consecutive higher close was still the first higher close above prior highs. But not rejecting it Monday by closing negative would target 1.3860.

Apr Contract GC; (NYSEARCA:GLD)
Thursday night's rally to 1320.00 ranged sideways back down to 1315.00 throughout Friday. The rally's momentum remains intact so long as pullbacks now hold 1306.00.

Mar Contract SI; (NYSEARCA:SLV)
Gapped up sharply Friday to 21.10 and extended higher intraday to attack 21.45, confirming Wednesday's fresh high at 20.40 was too shallow to fully reward the prior several sessions of accumulation. Potential for extending to 21.85 depends upon holding 20.70-20.75 as support.

30-year Treasury
Mar Contract US; (NYSEARCA:TLT)
Probing higher Friday still settled back to 133-00 as support, whose resistance prevented confirming Thursday's 132-12 buy signal. Lacking aggressiveness, the recovery is suspect, but could still rally again from 132-12.

Crude Oil
Mar Contract CL; (NYSEARCA:USO)
Ranged Friday between 99.40 pullback limit and the rally's 100.40 target. Still lacking two consecutive higher closes above 100.40 to confirm 102.00 is in play.

Natural Gas
Extended higher Friday to test 5.36 resistance that would not disallow the rally from being only a correction, then reversed back down into negative territory testing 5.21. Momentum did not reverse down, but the potential that a corrective bounce is ending does remain alive.

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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