Afternoon look at gold, crude & Treasuries

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

Gold Aug Contract (GC, ETF: (GLD))
Trending down sharply overnight nearly fulfilled the original optimal pullback that would have made Monday’s rally durable. Testing 1248.50 overnight and closing Tuesdayabove 1254.50 would make the next rally leg much more reliable for extending higher durably.

Silver Sep Contract (SI, ETF: (SLV))
Monday’s open had filled a week-old gap open above. Its reaction trended down intraday and overnight to test the 15.93 pullback level from which a durable rally would have begun. The second attempt is still credible for bottoming, if closing above 16.07 Tuesday is confirmed by a higher close Wednesday.

30-year Treasury Sep Contract (US, ETF: (TLT))
Already flirting with the 145-02 sell signal Monday, Tuesday continued by fluctuating around it intraday. There is room for noise between 144-22 and 145-26 before signaling the next move underway.

Eurodollar Sep Contract (EC, ETF: (FXE, UUP))
Monday’s reaction down from the open’s test of  its  1.1850 bounce limit had barely closed positive. Already gapping down Tuesday fought back to attack positive territory. Meanwhile, Monday’s gap up was above all prior highs for the trend, so it should be retested before a durable reversal down would be credible.

Crude oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Firming further overnight nearly threatened to finally fill last week’s $74.82 per barrel gap up above all prior highs that should be retested before a durable decline can begin, which could then be signaled under what is now the 72.90 pullback limit.

Natural gas Aug Contract (NG, ETF: (UNG, UNL))
Bouncing off of 2.92 Monday instead of breaking under it didn’t reflect strength, so Tuesday’s more decisive break under 2.92 to 2.79essentially confirms are more substantial downleg is underway. .