In This Issue
Gold Bulls Keeping Upside Momentum
Economic Reports and Expiration Notices
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December Comex gold futures prices were higher and near the session high Wednesday morning as the bulls are maintaining their upside near-term technical momentum amid a "safe-haven" bid that has been supporting prices for the past week. The gold market has appreciated by around $165 an ounce from the September 11 low of $739.80, basis December futures. Recent price action in December gold has also penetrated on the upside and negated downtrend lines drawn from the summertime highs. The next upside price objective for the gold market bulls is to push and close December futures prices above solid technical resistance at last week's high of $926.00 an ounce. A close above that level would open the door to a challenge of major psychological resistance at $1,000.00 an ounce. In mid-July the December gold contract came within 60 cents of the $1,000.00 mark, but could not reach it and then backed off into the September low. The gold market bears would gain fresh downside near-term technical momentum by pushing prices below a solid technical support zone located between $850.00 and $869.00 in the December futures contract. Gold traders will continue to monitor developments in the U.S. government financial market bailout process. Any solid progress on a final solution among U.S. legislators and the Treasury and Federal Reserve would likely be a bearish development for the precious yellow metal. Gold traders will also be keeping one eye on the crude oil market, with further gains in crude also being bullish for gold.
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Source: Moore Research Center, Inc.
| Date | Reports | Expiration & Notice Dates |
|---|---|---|
| 09/25 Thu |
7:30 AM CDT - Cotton Ginnings
7:30 AM CDT - Durable Orders(Aug) 7:30 AM CDT - USDA Weekly Export Sales 7:30 AM CDT - Initial Claims-Weekly 9:00 AM CDT - New Home Sales(Aug) 9:35 AM CDT - EIA Gas Storage 3:30 PM CDT - Money Supply |
LT: Sep Feeder Cattle(CME)
Sep Feeder Cattle Options(CME) Oct Heating Oil Options(NYM) Oct Silver Options(CMX) Oct Gold Options(CMX) Oct Copper Options(CMX) Oct Natural Gas Options(NYM) Oct RB Gasoline Options(NYM) |
| 09/26 Fri |
7:30 AM CDT - Dairy Products Prices
7:30 AM CDT - Livestock Slaughter 7:30 AM CDT - Chain Deflator-Final(Q2) 7:30 AM CDT - GDP-Final(Q2) 9:00 AM CDT - Mich Sentiment-Rev(Sep) 2:00 PM CDT - Quarterly Hogs & Pigs |
LT: Sep Copper(CMX)
Sep Platinum(CMX) Sep Palladium(CMX) Sep Silver(CMX) Sep Gold(CMX) Oct Nautral Gas(NYM) Oct Wheat Options(CBT) Oct US Bonds Options(CBT) Oct Corn Options(CBT) Oct Oats Options(CBT) Oct Rough Rice Options(CBT) Oct Soybeans Options(CBT) |
| 09/29 Mon |
7:30 AM CDT - Personal Income & Spending(Aug)
2:00 PM CDT - Agricultural Prices |
FN: Oct Natural Gas(NYM)
|
| 09/30 Tue |
7:30 AM CDT - Grain Stocks
8:45 AM CDT - Chicago PMI(Sep) 9:00 AM CDT - Consumer Confidence(Sep) |
FN: Oct Soybean Meal(CBT)
Oct Soybean Oil(CBT) Oct Copper(CMX) Oct Platinum(NYM) Oct Palladium(NYM) Oct Silver(CMX) Oct Gold(CMX) LT: Sep 2,5 & 10 Year T-Notes(CBT) Sep Fed Funds(CBT) Oct Heating Oil(NYM) Oct RB Gasoline(NYM) Oct Sugar(ICE) Oct Lumber Options(CME) |
| 10/01 Wed |
7:15 AM CDT - ADP Employment(Sep)
9:00 AM CDT - Construction Spending(Aug) 9:00 AM CDT - ISM Index(Sep) 9:35 AM CDT - API & DOE Energy Stats Auto & Truck Sales |
FN: Oct Sugar(ICE)
|
| 10/02 Thu |
7:30 AM CDT - USDA Weekly Export Sales
7:30 AM CDT - Initial Claims-Weekly 9:00 AM CDT - Factory Orders(Aug) 9:35 AM CDT - EIA Gas Storage 3:30 PM CDT - Money Supply |
FN: Oct Heating Oil(NYM)
Oct RB Gasoline(NYM) |
* 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!