In This Issue
Live S&P Trading Pit Squawk Box - Free Trial
Gold Backs Off, But Bullish Triangle Forms
Economic Reports and Expiration Notices
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Past results are not necessarily indicative of future results. The risk of loss in trading can be substantial, carefully consider the inherent risks of such an investment in light of your financial condition.
by Jim Wyckoff
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The gold futures market has backed off sharply from this week's high, on profit-taking pressure from recent gains and as the U.S. dollar has made a solid bounce on Wednesday. Technically, no serious chart damage has been inflicted by the sell off, as a price uptrend is still in place on the daily chart for December gold futures. See on the daily chart that recent price action has created a potentially bullish symmetrical triangle pattern. Symmetrical triangles are continuation patterns, according to classic technical analysis. Given that the most recent price trend in gold is up, technical odds do favor an upside "breakout" from this triangle pattern. However, if prices drop significantly below and close below solid trendline support at the $790 area, then some near-term chart damage would be inflicted and the bullish triangle pattern would be negated. Bulls do need to step up soon and show power to avoid that key technical level being breached on the downside. Gold traders will continue to closely track the value of the greenback in the FOREX markets. Bulls will not be able to make progress if the U.S. dollar has put in a major market low.
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 |
|---|---|---|
| 11/29 Thu |
7:30 AM CST - GDP-Prelim(Q3) 7:30 AM CST - Chain Deflator-Prelim(Q3) 7:30 AM CST - USDA Weekly Export Sales 7:30 AM CST - Initial Claims-Weekly 9:00 AM CST - New Home Sales(Oct) 9:30 AM CST - EIA Gas Storage 3:30 PM CST - Money Supply |
FN: Dec Natural Gas(NYM)
Dec Corn(CBT) Dec US 30 Yr Bonds(CBT) |
| 11/30 Fri |
7:30 AM CST - Agricultural Prices
7:30 AM CST - Personal Income & Spending(Oct) 7:30 AM CST - Core PCE Inflation(Oct) 8:45 AM CST - Chicago PMI(Nov) 9:00 AM CST - Construction Spending(Oct) 2:00 PM CST - Dairy Products Prices |
FN: Dec Wheat(CBT)
Dec Oats(CBT) Dec Gold(CMX) Dec Silver(CMX) Dec Copper(CMX) Dec Platinum(NYM) Dec Palladium(NYM) Dec 10,5,2 Yr Notes(CBT) Dec Soybean Meal & Oil(CBT) LT: Nov Fed Funds(CBT) Dec Heating Oil(NYM) Dec RB Gasoline(NYM) Dec Lumber Options(CME) |
| 12/03 Mon |
9:00 AM CST - ISM Index(Nov)
Auto & Truck Sales(Nov) |
|
| 12/04 Tue |
|
FN: Dec Heating Oil(NYM)
Dec RB Gasoline(NYM) |
| 12/05 Wed |
7:30 AM CST - Productivity-Rev(Q3)
9:00 AM CST - Factory Orders(Oct) 9:00 AM CST - ISM Services(Nov) 9:30 AM CST - API & DOE Energy Stats |
|
| 12/06 Thu |
7:30 AM CST - USDA Weekly Export Sales
7:30 AM CST - Initial Claims-Weekly 9:30 AM CST - EIA Gas Storage 3:30 PM CST - Money Supply |
LT: Dec Cotton(ICE)
|
* 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!