Mid-day look at gold, crude and Treasuries


Gold Feb Contract (GC, ETF: (GLD))
Rallying through the week's earlier $1328.00 per ounce overnight high to 1334.00 needed only to close above the week's 1323.50 intraday high to signal a new up leg underway. The open's plunge to 1321.00 was recovered to attack the overnight highs, and higher to 1336.00. Post-close action tested 1339.00. A second consecutive higher close would confirm the breakout.

Eurodollar Mar Contract (EC, ETF: (FXE, UUP))
Despite the rally already having fulfilled its 1.2035 upside, and despite a confirmed sell signal, a strong overnight rally triggered by German political news created a gap up to new highs testing 1.2200. Extending higher into the weekend suggests probing at least some fresh high at some point Monday, regardless of the session's resolution, and regardless of whether it is maintained through Tuesday.

Silver Mar Contract (SI, ETF: (SLV))
Thursday's tests of the $16.95 per ounce sell signal had held, and sympathy with Gold enabled an overnight bounce to 17.20. Its post-open reaction down lunged to almost touch 16.95, and then recovered back up to the open's highs. Extending higher through the close suggests a new rally leg is underway.

30-year Treasury Mar Contract (US, ETF: (TLT))
Friday's open was greeted with narrow ranging, and still having a potential for a bigger corrective bounce up to "higher prior lows" beginning at 150-16 or 151-26.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday's reaction down from testing the longstanding 64.75 target extended down to test the 63.15 pullback limit, which held, and reacted up to $64.25 per barrel.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Firming overnight gapped up Friday and extended to probe the rally's first objective at $3.17 per thousand cubic feet by a nickel, still having a potential for extending up to 3.29.