In This Issue
Gold Bulls Regaining Upside Technical Momentum
Special Feature: Three Steps to Trading with Support and Resistance Numbers
Economic Reports and Expiration Notices
by Jim Wyckoff
Click the image to enlarge.
See on the daily bar chart for June gold futures that prices are in a fledgling uptrend from the March low, after having penetrated on the upside and negated a steep downtrend line drawn from the March contract and all-time high. See, too, that the shorter-term moving averages I follow (9- and 18-day) have just produced a bullish line crossover signal, whereby the 9-day crossed above the 18-day moving average. See on the daily bar chart for June gold that the previous two bullish moving average line crossover signals did see prices rally sharply shortly after those signals were produced. Importantly, gold is benefiting this week from a weaker U.S. dollar versus the other major currencies. More weakness in the greenback will continue to provide upside fuel for the gold market bulls. Any sustained recovery in the value of the U.S. dollar would very likely find gold futures prices on the defensive. See the key technical support and resistance levels on the chart.
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
by Jonathan Day, Senior Broker with Cannon Trading Co., Inc.
Trading with support and resistance numbers takes patience, but it can provide valuable assistance in making your trading decisions.
In this article, Senior Broker Jonathan Day will walk you through three steps that can help you harness the full potential of these common but often underutilized numbers.
Using a chart of the 30-year June 2008 Bond (ZBM8), Jonathan will show you how to identify pivots and trends and help you see how professional traders view support and resistance numbers and attempt to profit regularly from them.
As with all trading, you should always have a gameplan in mind to manage your risk threshold and profit potential for each trade you execute.
Continue reading Three Steps to Trading with Support and Resistance Numbers. Fill out the short form below.
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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!
Source: Moore Research Center, Inc.
| Date | Reports | Expiration & Notice Dates |
|---|---|---|
| 04/17 Thu |
7:30 AM CDT - USDA Weekly Export Sales
7:30 AM CDT - Initial Claims-Weekly 9:00 AM CDT - Leading Indicators(Mar) 9:00 AM CDT - Philadelphia Fed(Apr) 9:30 AM CDT - EIA Gas Storage 3:30 PM CDT - Money Supply |
FN: May Cocoa(ICE)
May Crude Oil Options(NYM) |
| 04/18 Fri |
7:30 AM CDT - Dairy Products Prices
2:00 PM CDT - Cattle On Feed 2:00 PM CDT - Milk Production |
LT: Apr Valueline Options(KCBT)
Apr DJIA Options(CBT) Apr E-mini S&P 500 Options(CME) Apr E-mini Russell 2000 Options(CME) Apr Nasdaq 100 Options(CME) Apr S&P 500 Options(CME) Apr Nikkei 225 Options(CME) May Orange Juice Options(ICE) |
| 04/21 Mon |
2:00 PM CDT - Cold Storage
|
LT: May E-mini Crude Oil(GLOBEX)
|
| 04/22 Tue |
|
FN: May Coffee(ICE)
LT: May Crude Oil(NYM) |
| 04/23 Wed |
9:00 AM CDT - Existing Home Sales(Mar)
9:30 AM CDT - API & DOE Energy Stats |
|
| 04/24 Thu |
7:30 AM CDT - Durable Orders(Mar)
7:30 AM CDT - USDA Weekly Export Sales 7:30 AM CDT - Initial Claims-Weekly 9:00 AM CDT - New Home Sales(Mar) 9:30 AM CDT - EIA Gas Storage 3:30 PM CDT - Money Supply |
FN: May Crude Oil(NYM)
LT: Apr Feeder Cattle(CME) Apr Feeder Cattle Options(CME) May Silver Options(CMX) May Gold Options(CMX) May Copper Options(CMX) |
* 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!