Afternoon look at gold, crude and Treasuries

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

Eurodollar Jun Contract (EC, ETF: (FXE, UUP))

Tuesday’s dip to the 1.1745 sell signal reacted up again Wednesday, shallowly at the open with only a little follow-through before the afternoon’s FOMC policy statement. The reaction dropped back down to 1.1745, almost greeting Thursday’s ECB monetary statement from a position of weakness.

Gold Aug Contract (GC, ETF: (GLD))
Ongoing fluctuation between 1296.50-1307.00 had retested the range’s lower-end by $2 overnight. It held intraday, and was attacked again after the close in reaction to the FOMC policy statement.

Silver Jul Contract (SI, ETF: (SLV))
Another shallow reaction down overnight from the 16.95 target stopped short of the 16.80 sell signal before recovering to gap up slightly Wednesday and test fresh highs at 17.00. The post-close FOMC reaction dropped back down to attack Tuesday’s 16.85 close.

30-year Treasury Sep Contract (US, ETF: (TLT))
Tuesday’s narrow ranging persisted through Wednesday morning ahead of the afternoon’s FOMC policy statement wasn’t much different from the post-FOMC price action. Perhaps a little weaker, and still having potential to test 142-00 as support.

Crude oil Jul Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Post-close weakness from the API report was temporary. Wednesday’s gap down was shallow, and reacted up to a fresh recovery high attacking 66.90 after the morning’s EIA report and the afternoon’s FOMC statement. There is no bullish excuse to further delay the rally becoming obvious.

Natural  gas Jul Contract (NG, ETF: (UNG, UNL))
Tuesday night’s test of 2.98 was attacked intraday Wednesday. The minimum target of 3.00 and the minimum objective of at least one more new trend high close remain outstanding. Thursday’s EIA report is being greeted from a position of strength.