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.

Gold Spiked Up Over the Weekend

By

The attack on its next target was enough to keep alive the rally's momentum.

PrintPRINT
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 Sunday night revealed a degree of elasticity that keeps alive higher targets without having to keep alive the rally's momentum.

Dollar Basket
Sep Contract DX; (NYSEARCA:UUP), (NYSEARCA:UDN)
Monday's narrow ranging did not offer any new guidance to the pattern.

Eurodollar
Sep Contract EC; (NYSEARCA:FXE)
Monday's narrow ranging did not offer any new guidance to the pattern.

Gold
Oct Contract GC; (NYSEARCA:GLD)
Sunday night's surge attacking the 1410.00 objective had disappeared entirely before Monday's open. Intraday weakness held the 1388.00 pullback limit to avoid reversing momentum down.

Silver
Sep Contract SI; (NYSEARCA:SLV)
Potential to 24.55 was nearly fulfilled by Monday morning's attack on 24.45. The reaction down held above 24.00 to avoid reversing momentum down.

30-year Treasury
Sep Contract US; (NYSEARCA:TLT)
Early strength Monday above 132-10 was retraced back into negative territory, all but confirming that a rally is unlikely to begin without first producing one more new low close.

Crude Oil
Oct Contract CL; (NYSEARCA:USO)
The obligatory reaction to weekend war talk didn't last long. Sunday night's gap up to fresh recovery highs disappeared Monday as price turned negative intraday.

Natural Gas
Sep Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Monday's gap up suffered the same "ineffectual optimism" that inhibited last week's rally efforts, and the balance of the session essentially ranged narrowly unchanged. Still, trying to rally anyway suggests that the pattern intends to correct more through the passage of time than through a traditional price pullback.

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.
PrintPRINT

Busy? Subscribe to our free newsletter!

Submit
 

WHAT'S POPULAR IN THE VILLE