Mid-day look at gold, crude and Treasuries

A daily summary of high-profile members of several complexes.


Gold Feb Contract (GC, ETF: (GLD))
Wednesday's post-close test of 1308.85 down to 1307.00 was recovered into Thursday's open, which then extended higher through the noon hour to test 1322.00. That was still almost a dollar short of Monday night's high, "ineffectual optimism" that can't tolerate another test of support.

Silver Mar Contract (SI, ETF: (SLV))
Sliding deeper after Wednesday's close was able to hold a test of 17.05 support and greet Thursday's open unchanged. Extending through the morning probed fresh recovery highs at 17.30, but closed back at or under the week's two prior highs. Almost any immediate selling pressure Friday would be credible for extending down into and out of the weekend.

Eurodollar Mar Contract (EC, ETF: (FXE, UUP))
Holding 1.2060 support Wednesday kept alive the rally's momentum, at least to fill the gap back up to Tuesdays 1.2100 close and also to more thoroughly test the rally's 1.2140 upper-end of its target area that was attacked Monday night. Thursday's gap up almost immediately fulfilled both, and ultimately held without triggering any higher objective.

30-year Treasury Mar Contract (US, ETF: (TLT))
Ranging sideways overnight had tested Wednesday's lows ahead of Thursday morning's ADP report. The low's were probed a little to attack 151-16 as support, but eventually recovered to try filling the gap back up to Wednesday's 152-11 close. Regardless of closing in positive territory or not, closing above 152-22 Friday would target fresh recovery highs.

Crude oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Extending higher without delay Thursday tested 62.20, now needing to hold $61.10 per barrel on pullbacks for potential to 64.75.

Natural gas Feb Contract (NG, ETF: (UNG, UNL))
Thursday's EIA report was greeted from a position of strength, but that didn't prevent reacting down through the noon hour. Thursday's 2.86 low was tested as support and must hold to avoid a deeper pullback to 2.78 before recovering.