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: Neither gold nor silver extended Friday's bounces Monday. That's not necessarily bearish, and doesn't undermine potential for extending higher Tuesday. But extending higher Tuesday would now be likely to peak.
[More from Minyanville.com: Gold's Week-Ending Rally Confirms Thursday's Accumulation Signal ]
Jun Contract EC; (FXE)
Ranging narrowly Monday as the spotlight moved to the yen kept alive potential for extending the bounce.
[More from Minyanville.com: Too Much Gold Selling to Suddenly Bottom? ]
Apr Contract GC; (GLD)
Monday's pullback to 1566.60 did not produce a second consecutive higher close that would have confirmed Friday's close above 1575.00 was extending. But neither did it reverse momentum down, leaving the door open to fresh highs Tuesday.
[More from Minyanville.com: Next Long-Term Turning Point in Gold May Be a Major Bottom ]
May Contract SI; (SLV)
Monday's narrow sideways ranging did not confirm momentum had reversed up. Almost any immediate trending at Tuesday's open should be short-lived, and reversed more substantially in the opposite direction.
Mar Contract US; (TLT)
Friday's probe of 147-26/148-00 had held as resistance through the close, and Monday's opening gap down tested the 147-14 pullback limit
Apr Contract CL; (USO)
Sunday night's attack on 93.75-94.15 resistance was retraced into Monday's open. Recovering back up to 93.25 was enough only to probe recent highs, and not to reverse momentum back up.
Apr Contract NG; (UNG), (UNL)
Despite extending higher initially Monday to 4.18, a reversal back into negative territory avoided confirming Friday's breakout rally.
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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