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.
[More from Minyanville.com: Small-Cap Commodity Stocks in Focus: Oil Prospects and Junior Miners ]
[More from Minyanville.com: Has Gold Started to Respond to US Dollar Price Moves? ]
Sep Contract EC; (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.
[More from Minyanville.com: Will Crude Oil's Rally Resume? ]
Aug Contract GC; (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.
Sep Contract SI; (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.
Sep Contract US; (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.
Sep Contract CL; (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.
Aug Contract CL; (UNG), (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.