In This Issue
Reports and Expiration Notices
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Courtesy of JimWyckoff.com
Choppy Trading Action in Gold
August gold futures are in a minor downtrend from last week's high of $677.00 an ounce. However, there is an uptrend line still in place on the daily chart--drawn from the June and July lows. There is also strong psychological support at $600.00. Multiple closes below $600.00 an ounce would provide the bears with solid near-term downside technical momentum. Do note at the bottom of the chart that the Moving Average Convergence Divergence (MACD) indicator has just produced a bearish line crossover signal, whereby the thick blue MACD line crossed below the thin red "trigger" line. On the upside, there is chart resistance at $650.00 an ounce, and then stronger resistance at last week's high of $677.00, basis August futures. If the gold bulls can produce a close above strong resistance at $677.00, that would provide them with good upside technical momentum to challenge major psychological resistance at $700.00 an ounce, or above. Gold will continue to be supported by any rally in the crude oil market, and will also generally trade in an inverse relationship with the U.S. dollar index.
Disclaimer:
Trading commodity futures and options involves substantial risk of loss. The recommendations contained in this letter is of opinion only and does not guarantee any profits. These are risky markets and only risk capital should be used. Past performances are not necessarily indicative of future results. This is not a solicitation of any order to buy or sell, but a current futures market view provided by Cannon Trading Inc. Any statement of facts herein contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgment in trading!
Jim has an excellent daily newsletter where he reviews different markets, alerts you for potential trades and much more. Included is his great bi-weekly newsletter with charts and a little longer term outlook. We recommend checking out his website, educational CDROM, and services at Jim Wyckoff
Source: Moore Research Center, Inc.
| Date | Reports | Expiration & Notice Dates |
|---|---|---|
| 07/27 Thu |
7:30 AM CDT - Durable Orders(Jun)
7:30 AM CDT - USDA Weekly Export Sales 7:30 AM CDT - Initial Claims-Weekly 9:00 AM CDT - Help Wanted Index(Jun) 9:00 AM CDT - New Home Sales(Jun) 9:30 AM CDT - EIA Gas Storage 3:30 PM CDT - Money Supply |
LT: Jul Gold(CMX)
Jul Silver(CMX) Jul Copper(CMX) Jul Platinum(NYM) Jul Palladium(NYM) Aug Natural Gas Options(NYM) |
| 07/28 Fri |
7:30 AM CDT - GDP-Adv(Q2) 7:30 AM CDT - Chain Deflator-Adv(Q2) 7:30 AM CDT - Employment Cost Index(Q2) 8:50 AM CDT - Michigan Sentiment-Rev(Jul) 2:00 PM CDT - Dairy Products Prices |
FN: Aug Soybeans(CBT)
Aug Soybean Oil(CBT) Aug Soybean Meal(CBT) Aut Natural Gas(NYM) |
| 07/31 Mon |
9:00 AM CDT - Chicago PMI(Jul)
|
FN: Aug Gold(CMX)
Aug Silver(CMX) Aug Copper(CMX) Aug Platinum(NYM) Aug Palladium(NYM) LT: Jul Fed Funds(CBT) Aug Heating Oil(NYM) Aug Unleaded Gas(NYM) Aug Lumber Options(CME) |
| 08/01 Tue |
7:30 AM CDT - Personal Income & Spending(Jun)
9:00 AM CDT - Construction Spending(Jun) 9:00 AM CDT - ISM Index(Jul) Auto & Truck Sales |
|
| 08/02 Wed |
9:30 AM CDT - API & DOE Energy Stats
|
|
| 08/03 Thu |
7:30 AM CDT - USDA Weekly Export Sales
7:30 AM CDT - Initial Claims-Weekly 9:00 AM CDT - Factory Orders(Jun) 9:00 AM CDT - ISM Services(Jul) 9:30 AM CDT - EIA Gas Storage 3:30 PM CDT - Money Supply |
|
* Please note that the information contained in this letter is intended for clients, prospective clients, and audiences who have a basic understanding, familiarity, and interest in the futures markets.
** The material contained in this letter is of opinion only and does not guarantee any profits. These are risky markets and only risk capital should be used. Past performances are not necessarily indicative of future results.
*** This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts herein contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgment in trading!