A daily summary of high-profile members of several complexes
Gold Aug Contract (GC, ETF: (GLD))
An overnight rally held the $1,245.50 per oz. bounce limit but still gapped up slightly above 1240.00 close. Then price plunged back through the decline’s 1237.50 target to fresh lows testing 1226.00. After low had neutralized the “unfinished business below” at opening gap down, there was no bullish reason for any further weakness, enabling sizeable reaction.
Silver Sep Contract (SI, ETF: (SLV))
gap down back to shallow low proved that previous bottoming attempts were ‘ineffectually optimistic” as the morning slid sharply to attack 15.55.
30-year Treasury Sep Contract (US, ETF: (TLT))
If probe under the channel’s 145-02 lower-end were a false break, then should have rejected the probe by rallying sharply. But price only hovered, suggesting that probe was a warning shot across the bow. Breaking above high through open would be credible for launching another bounce, but at least another down leg has become more likely.
Eurodollar Sep Contract (EC, ETF: (FXE, UUP))
shallow dip had nevertheless held a relevant support at 1.1740 before recovering to attack the morning’s high. But it still needed a second consecutive higher confirming close. Which didn’t come, as morning trended back down to and through close to attack 1.1700.
Crude oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Regardless of having fulfilled the confirmed breakout’s minimum objective with no buy signal had formed, and fresh low close, probed slightly lower lows intraday.. Then it recovered positive territory, albeit only slightly positive, but not confirming the decline’s momentum.
Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
choppy bounce had tried extending slightly higher overnight to 2.79, but morning drop to fresh lows at 2.73 essentially proved the decline remains intact. That’s probably not enough consequence for the failed choppy bounce, suggesting that lower lows remain in-play.