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.

Will Gold's Rally Resume?

By

A stealth correction has gotten rid of a lot of weak longs.

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 wide two-day swing was relatively shallow compared to recent trending. But it was noteworthy for probing so far above one session's close, only to be rejected so far back under that session's lows. The shock to the system might not resume trending immediately, but the correction should be ending.

Dollar Basket
Sep Contract DX; (NYSEARCA:UUP), (NYSEARCA:UDN)
Wednesday's bounce was too weak to end the decline, which resumed Thursday, and remains intact so long as 82.40 holds as resistance.

Eurodollar
Sep Contract EC; (NYSEARCA:FXE)
Wednesday's dip was too shallow to invalidate the rally, which resumed Thursday, and remains intact so long as 1.3195 holds as support.

Gold
Aug Contract GC; (NYSEARCA:GLD)
Wednesday's tumble from Tuesday's post-close surge was extended only slightly Thursday before reversing well up into positive territory. The rally can resume, next targeting 1375.00, so long as 1312.50 now holds as support.

Silver
Sep Contract SI; (NYSEARCA:SLV)
Thursday's pre-open dip to 19.75 recovered back above 20.00 again, and should no longer delay recovering to 20.55 and higher if a deeper drop is going to be avoided.

30-year Treasury
Sep Contract US; (NYSEARCA:TLT)
Relatively narrow sideways ranging Thursday follows two consecutive falling sessions. The drop should resume without much delay, or by rejecting an early blip up.

Crude Oil
Sep Contract CL; (NYSEARCA:USO)
Yet more fresh lows Thursday attack $104 to within a dime, which launched a bounce back into positive territory testing 105.85. A second consecutive higher close Friday would confirm the key reversal. Otherwise, there is no requirement to trade any higher.

Natural Gas
Aug Contract CL; (NYSEARCA:UNG), (NYSEARCA:UNL)
Thursday's early test of the 3.73 buy signal was rejected by another dip attacking the upper-end of 3.50-3.60, whose retest is becoming likelier.

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.
PrintPRINT
 
Featured Videos

WHAT'S POPULAR IN THE VILLE