Gold Making 6 Years Highs and a look at top 5 mistakes Beginner Traders Make. Holiday hours for Labor Day. Gold roared higher as safe haven destination and we take a look at some mistakes traders make and how to fix these mistakes on path to better futu
In This Issue
1. Trading 101: 5 Big Mistakes Beginners Should Avoid Making
2. Hot Market Report: Gold Futures Regaining Safe Haven Status
3. Economic Calendar
This Monday is Labor Day. Markets will have modified trading hours Monday, most are closed. Have a safe and nice holiday!
Ilan Levy-Mayer I have seen quite a bit since I became a broker in 1998. Some war stories to share about the markets, some crazy moves and much more in between. I was trading futures with clients on the sad Sept. 11th 2001 day when the planes hit and the markets were plunging before they were closed for almost a week. I witnessed the meat contracts making limit up and limit down moves over the years and much more…..
As a commodity broker I have observed MANY traders, many of them were new traders, and this allows me to share with you some valuable observations I hope will help you start your futures trading journey on a much smoother road than most.
Here are the FIVE CRUICIAL MISTAKES you need to avoid!
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This week’s highlighted Market is Gold. Gold is part of the Precious Metals sector along with its brothers Platinum, Palladium, Silver and Copper.. All traded on the COMEX and NYMEX exchanges.
This week (Wednesday) gold traded up to its highest levels in more than six years – $1565 per ounce (December futures contract on the COMEX exchange). Not since April 2013 has it breached that price. That also pushed its 2019 gains above 20%, surpassing the S&P 500’s ±14% year-to-date gains. Reasons abound for gold’s ascent – traditionally considered a safe haven asset in times of uncertainty: The U.S.-China trade hostilities have intensified: the Chinese yuan tumbled past the psychologically important level of 7 to the dollar for the first time since the financial crisis. When the People's Bank of China took steps to stabilize the yuan – a move seen as likely part of the PBOC's defense of Pres. Trump's threat to extend tariffs to essentially all Chinese imports – the U.S. Treasury Department labeled China a currency manipulator for the first time since 1994.
The gold market is still holding their gains since May 21st Gold prices have seen some expected selling pressure after prices hit a fresh six-year high earlier in the week. A bull market is expected from the technical perspective but the key fundamental is the president - Pres. Trump. If Trump try to make a deal with China to preserve the equity market then it would be a short term negative for the gold market.
This chart was prepared using CQG Q Trader software, which you can demo for 14 days with real time data.Source: Moore Research Center, Inc.
Date | Reports | Expiration & Notice Dates |
---|---|---|
08/30 Fri |
7:30 AM CDT - Personal Income & Spending(Jul)
7:30 AM CDT - PCE Price Index(Jul) 7:30 AM CDT - Core PCE Price Index(Jul) 8:45 AM CDT - Chicago PMI(Aug) 9:00 AM CDT - Univ of Mich Consumer Sent-Final(Aug) |
FN: Sep 2,5,10 Year Notes(CBT)
Sep Bonds(CBT) Sep Copper(CMX) Sep Gold & Silver(CMX) Sep Platinum & Palladium(NYM) Sep Wheat(CBT) Sep Corn(CBT) Sep Oats(CBT) Sep Rough Rice(CBT) Sep Soybeans,Soymeal,Soyoil(CBT) LT: Aug Bitcoin(CME) Aug Fed Funds(CME) Aug Live Cattle(CME) Sep RBOB & ULSD(NYM) Aug Fed Funds Options(CME) Sep Lumber Options(CME) |
09/02 Mon |
LABOR DAY
|
|
09/03 Tue |
7:30 AM CDT - Chicago PMI(Aug)
9:00 AM CDT - Construction Spending(Jul) 9:00 AM CDT - ISM Manufacturing Index(Aug) 2:00 PM CDT - Cotton System 2:00 PM CDT - Fats & Oils 2:00 PM CDT - Grain Crushings 3:00 PM CDT - Crop Progress |
FN: Sep Orange Juice(ICE)
|
09/04 Wed |
6:00 AM CDT - MBA Mortgage Index
7:30 AM CDT - Trade Balance(Jul) 1:00 PM CDT - Fed's Beige Book(Sep) 3:30 PM CDT - API Energy Stocks |
FN: Sep RBOB & ULSD(NYM)
LT: Aug Butter(CME) Aug Milk(CME) Aug Butter Options(CME) Aug Milk Options(CME) |
09/05 Thu |
7:15 AM CDT - ADP Employment Change(Aug)
7:30 AM CDT - Initial Claims-Weekly 7:30 AM CDT - Productivity-Rev(Q2) 7:30 AM CDT - Unit Labor Costs-Rev(Q2) 9:00 AM CDT - Factory Orders(Jul) 9:00 AM CDT - ISM Non-Manufacturing Index(Aug) 9:30 AM CDT - EIA Natural Gas Report 10:00 AM CDT - EIA Petroleum Status Report 2:00 PM CDT - Dairy Products Sales 3:30 PM CDT - Money Supply |
|
09/06 Fri |
7:30 AM CDT - USDA Weekly Export Sales
7:30 AM CDT - Ave Workweek & Hourly Earnings(Aug) 7:30 AM CDT - Nonfarm Payrolls(Aug) 7:30 AM CDT - Unemployment Rate(Aug) |
LT: Sep Canadian Dollar Options(CME)
Sep Currencies Options(CME) Sep Mx Peso Options(CME) Sep US Dollar Index Options(ICE) Sep Live Cattle Options(CME) Oct Cocoa Options(ICE) |
09/09 Mon |
2:00 PM CDT - Consumer Credit(Jul)
3:00 PM CDT - Crop Progress |
|
09/10 Tue |
3:30 PM CDT - API Energy Stocks
|
LT: Sep Orange Juice(ICE)
|
09/11 Wed |
6:00 AM CDT - MBA Mortgage Index
7:30 AM CDT - Core PPI & PPI(Aug) 9:00 AM CDT - Wholesale Inventories(Jul) 9:30 AM CDT - EIA Petroleum Status Report 2:00 PM CDT - Dairy Products Sales |
|
09/12 Thu |
7:30 AM CDT - USDA Weekly Export Sales
7:30 AM CDT - Initial Claims-Weekly 7:30 AM CDT - Core CPI & CPI(Aug) 9:30 AM CDT - EIA Natural Gas Report 11:00 AM CDT - WADSE Report & Crop Production 1:00 PM CDT - Treasury Budget(Aug) 3:30 PM CDT - Money Supply |
LT: Sep Nikkei(CME)
Sep Nikkei Options(CME) |
FN=First Notice, OE=Option Expiration, LT=Last Trade |
* 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!