U.S. Markets close in 1 hr 12 mins

Gold Met Its Objective Today

Rod David

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 met its objective Friday. The objective had been created by patterns preceding July's rally. The interim correction was very orderly, so there is potential for extending the upleg. But that will require a new signal.

[More from Minyanville.com: Insiders at 21st Century Fox and Intrexon Buy Stock While KAR Auction Sees Three Major Sales ]

Dollar Basket
Sep Contract DX; (UUP), (UDN)
Friday's fresh low attacking 81.05 was recovered to attack 81.45 resistance, but no new signal can yet be calculated.

[More from Minyanville.com: Natural Gas Basing Ahead of Thursday's EIA Report ]

Sep Contract EC; (FXE)
Thursday's recovery back above 1.3333 initially extended Friday morning to test 1.3380, but reversed back down to test and range narrowly around 1.3333 through the afternoon. There is not yet a signal.

[More from Minyanville.com: Is the Crude Oil Rally Already Underway? ]

Oct Contract GC; (GLD)
The rally extended Friday to essentially fulfill its 1375.00 target. The rally now requires a higher close Monday to confirm its momentum remains intact, although there is room for a pullback to test 1355.50.

Sep Contract SI; (SLV)
Slightly higher highs attacked the 23.50 resistance to within only a dime Friday. A pullback limit can be identified now at 22.75.

30-year Treasury
Sep Contract US; (TLT)
Thursday's test of the 131-06 target was eventually probed Friday by sharply lower lows testing 130-16. The minimum requirement for signaling that momentum has reversed up is to close above 132-12.

Crude Oil
Sep Contract CL; (USO)
Friday morning's probe above 108.15 was reversed into negative territory, but held the 106.50 pullback limit that maintains the 110.65 target.

Natural Gas
Sep Contract NG; (UNG), (UNL)
Friday's open gapped down slightly and ranged narrowly, supported by 3.36. The rally should resume in obvious fashion Monday morning if it is valid.
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.

Related Articles