Cannon Trading Co. Inc. Weekly Futures Newsletter

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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

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Single Click Trading.

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Trading From the Chart or Trading From the DOM.

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Configurable Trading Ladders.

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Fast, Clean Market Data and Online Order Executions.

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Industry Respected Support.

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Innovative Chart & Trading Technologies.

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GOOD TRADING!
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October 15th, 2008 - Issue #450

Gold Futures Trapped in a Sideways Trading Range

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 JimWyckoff.com

E-Futures International
Introducing our new futures trading software. Trade futures from anywhere in the world. Free live quotes and charts included.

New Real-Time Forex Quotes on Foreign Currencies by Cannon

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!

Economic Reports and Expiration Notices

Source: Moore Research Center, Inc.

* 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!

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Cannon Trading Co. Inc. is registered with the Commodity Futures Trading Commission and a member of the National Futures Association.

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.

Questions? Please contact us at 800-454-9572 or online using our contact form.

Cannon Trading Co. Inc.
9301 Wilshire Blvd, Suite 515
Beverly Hills, CA 90210