Gold and silver react to jobs report

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

Gold Feb Contract (GC, ETF: (GLD)): No fresh highs overnight left the pattern vulnerable to reacting down on Friday's Employment Situation report, especially after Wednesday night's narrow escape from testing its $1,308.85 per ounce sell signal. The rally didn't resume, but the up/down-crash scenario can't tolerate any further delay without neutralizing itself.

Silver Mar Contract (SI, ETF: (SLV)): Friday's reaction to the Employment Situation report got very choppy, probing negative territory but not actually breaking lower. The report didn't serve as a catalyst to trigger the up/down-crash setup, which would otherwise neutralize itself by only ranging sideways for another day.

30-year Treasury Mar Contract (US, ETF: (TLT)): Flat-to-lower ranging overnight reacted favorably to Friday's Employment Situation report, but only to attack the 152-22 buy signal to within 1 tick. That was close enough for its resistance to trigger a reaction back down attacking Thursday's 151-20 lows to within 1 tick. Uptrending pivotal support is being retested, and any lower low would target 150-14 or lower.

Eurodollar Mar Contract (EC, ETF: (FXE, UUP)): Already having tested and retested the rally's 1.2025-1.2035 target Thursday without closing above it, no higher objective was in-play. Friday's reaction to the Employment Situation report filled the gap back down to Wednesday's 1.2070  close,  and held. There is no current signal.

Crude oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short)): Overnight weakness extended slightly lower Friday morning to $61.10 per barrel, which had been the rally's target. Even if broken below, the pullback now has room to 60.45 before signaling the trend is reversing down.

Natural gas Feb Contract (NG, ETF: (UNG, UNL)): Thursday's pullback extended lower overnight to test its 2.78 limit. Closing back above 2.86 would signal the pullback had ended and that momentum was reversing up.