Is Gold's Recovery Attempt Done?


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 pattern this week of gap after gap after gap has all been gaps up -- that is, until the end, which gapped down. Was this a chink in the armor?

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Dollar Basket
Jun Contract DX; (UUP), (UDN)
Having dipped into Thursday's close, the 83.33 level attracted price back up into Friday's open. The balance of the session ranged narrowly sideways, with no active signal.

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Jun Contract EC; (FXE)
Thursday's late surge off of 1.3020 support was retraced entirely into Friday's open. The balance of the session ranged narrowly sideways within Thursday morning's range. There is no active signal, but a retest of Wednesday's 1.3200 high should hold and reverse back down.

Aug Contract GC; (GLD)
Despite gapping down, Friday's open held a test of 1268.00 and 1271.50 support. The balance of the session ranged narrowly in negative territory. A retest of 1268.00-1271.50 support should extend back down to 1249.00, and potentially begin another downleg.

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Sep Contract SI; (SLV)
Friday's gap down under Thursday's intraday range did not completely reject the test of 20.00 resistance. But its immediate recovery may be the only way to avoid a deeper dip targeting 19.30, or even fresh lows.

30-year Treasury
Sep Contract US; (TLT)
Friday morning's bounce to 135-00 resistance was retraced to unchanged, as the attraction to fill the gap back down to Wednesday's gap continues to inhibit a recovery.

Crude Oil
Aug Contract CL; (USO)
The reaction down to 104.30 was itself retraced back up to 106.05 Friday, and could test 106.25-106.75 before the rally abandons a deeper correction to 102.45 or 103.25.

Natural Gas
Aug Contract CL; (NYSEARCA:UNG, UNL)
Thursday's retest of 3.55-3.60 support was rejected again, but Friday's surge stopped short of the 3.73 buy signal.
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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