In This Issue
Gold Futures Trapped in a Sideways Trading Range
New Real-Time Forex Quotes on Foreign Currencies by Cannon
Economic Reports and Expiration Notices
by Jim Wyckoff
December Comex gold futures are presently trading in the lower portion of a choppy and sideways trading range bound by the October high of $936.3 and the October low of $822.50. The direction in which gold prices "break out" of this trading range is likely to be the next significant price trend in the market. The gold market bears can also point out that a bearish pennant pattern has just formed on the daily bar chart for December futures. The sharp decline in crude oil prices and the recently stronger U.S. dollar have been bearish weights for the precious yellow metal. However, selling pressure has been limited recently by the continuing world financial crisis that has prompted safe-haven buying in gold. Thus, the choppy and sideways trading range has formed the past four weeks. A drop and close in December gold futures below the aforementioned lower boundary of the trading range would open the door to a move to strong technical support at the September low of $739.80. A push and close in December gold futures prices above the upper boundary of the trading range would open the door to a challenge of major psychological resistance at $1,000.00 an ounce.
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
We are pleased to announce a new live real-time forex quoteboard on our forex trading site, Foreign Currencies by Cannon:
Visit Foreign Currencies now and start following the forex market!
Source: Moore Research Center, Inc.
| Date | Reports | Expiration & Notice Dates |
|---|---|---|
| 10/16 Thu |
7:30 AM CDT - Core CPI & CPI(Sep)
7:30 AM CDT - USDA Weekly Export Sales 7:30 AM CDT - Initial Claims-Weekly 8:00 AM CDT - Net Foreign Purchases(Aug) 8:15 AM CDT - Capacity Util & Industrial Prod(Sep) 9:00 AM CDT - Philadelphia Fed(Oct) 9:35 AM CDT - API & DOE Energy Stats 3:30 PM CDT - Money Supply |
LT: Nov Crude Oil Options(NYM)
|
| 10/17 Fri |
7:30 AM CDT - Building Permits & Housing Starts(Sep)
9:00 AM CDT - Mich Sentiment-Prel(Oct) 9:35 AM CDT - EIA Gas Storage |
LT: Oct Valueline Options(KCBT)
Oct DJIA Options(CBT) Oct E-Mini S&P 500 Options(CME) Oct NASDAQ 100 Options(CME) Oct S&P 500 Options(CME) Oct Nikkei 225 Options(CME) |
| 10/20 Mon |
9:00 AM CDT - Leading Indicators(Sep)
|
|
| 10/21 Tue |
|
LT: Nov Crude Oil(NYM)
|
| 10/22 Wed |
9:35 AM CDT - API & DOE Energy Stats
2:00 PM CDT - Cold Storage |
|
| 10/23 Thu |
7:30 AM CDT - USDA Weekly Export Sales
7:30 AM CDT - Initial Claims-Weekly 9:35 AM CDT - EIA Gas Storage 3:30 PM CDT - Money Supply |
FN: Nov Crude Oil(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!