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
listed for each.
Gold's minimum target was tested Thursday -- and exceeded. Silver
didn't do too badly, either. A second consecutive higher close
Friday would signal a much bigger bounce underway. Avoiding a much
bigger bounce would require dropping deeply into the weekend.
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
Jun Contract DX; (NYSEARCA:UUP), (NYSEARCA:UDN)
Thursday's deep gap down to test 82.50 was retraced almost entirely
back into positive territory at 83.00. The afternoon drifted lower
to test 82.80, keeping alive potential for resuming the decline
into the weekend.
Jun Contract EC; (NYSEARCA:FXE)
Pent-up buying pressure from Wednesday's narrow ranging, combined
Thursday with the requirement to rally immediately for the decline
to avoid extending down. The open gapped up sharply and tested
1.3100. But an immediate dive back down into negative territory
under 1.300 struggled to recover into positive territory above
1.3025. The rally's resumption still cannot afford any delay.
Apr Contract GC; (NYSEARCA:GLD)
The 1456.00 target was met early Thursday, and later exceeded to
test 1468.00. A second consecutive higher close would put into play
1513.00. A pullback has room down to 1446.00 before putting into
play a target at 1429.00, whose break would resume the decline to
May Contract SI; (NYSEARCA:SLV)
Thursday's gap up dipped back down to the 23.55 buy signal before
resuming the rally to test the 24.15 target above 24.30. Now 24.15
must hold as support to maintain the rally's momentum.
Mar Contract US; (NYSEARCA:TLT)
Thursday's shallow gap down spent the session ranging very narrowly
around the 147-26 sell signal. Not extending down despite stocks
and metals extending higher suggests the 149-14 target remains
Apr Contract CL; (NYSEARCA:USO)
After a slow start Thursday, a second consecutive ~$2.30 rally
tested the 93.55-93.75 target. Any higher high now requires that
pullbacks hold 92.95 as support.
Apr Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Wednesday's extra dip prevented Thursday from resuming the rally,
instead requiring a new accumulation pattern to form. An intraday
probe of fresh lows was recovered to close positive, allowing
almost any initial strength Friday to extend higher. But a close
above 4.35 is still needed to resume the rally.