Daily afternoon look at gold, Treasuries, crude & more

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

Eurodollar Jun Contract (EC, ETF: (FXE, UUP))
Immediately extending Tuesday’s drop (by closing lower, not by gapping down) has confirmed the breakout from a multi-session range. An eventual third lower close is required before a bottoming effort can be credible.

Gold Jun Contract (GC, ETF: (GLD))
Wednesday’s lower lows were retraced to unchanged, but the bounce limit was lowered to 1295.00. Firming slightly higher after the close at this stage should either give the bounce limit a test on Thursday, or else snap back down to resume the decline.

Silver Jul Contract (SI, ETF: (SLV))
Firming Wednesday morning extended through the close to attack the 16.45 bounce limit. Stopping optimistically short of even filling the 2-week old gap, and now bouncing higher instead of neutralizing the downside attraction, is requiring a substantial rally Thursday, or else a substantial resumption of the decline.

30-year Treasury Jun Contract (US, ETF: (TLT))
Wednesday’s gap up was shallow, and retraced back into negative territory, attacking Tuesday’s lows down to 140-28. The breakout was already confirmed, so the pattern still requires an eventual third lower close before bottoming can be credible.

Crude oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Another day of extremely narrow ranging — not yet extending the entrenched rally — continues to be vulnerable to a deeper corrective detour down before resuming the rally.

Natural gas Jun Contract (NG, ETF: (UNG, UNL))
Pulling back further Wednesday from Tuesday’s failed gap up didn’t get to 2.80, whose test could have held to form a position of strength ahead of Thursday’s EIA report. But closing back under 2.76 was needed to form a position of weakness, which means that a favorable reaction Thursday can’t be dismissed.