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Nice upside breakout on gold! I included a daily chart for your review below along with support/ resistance levels – possible targets.
On the other hand, ANOTHER LOW volatility, low volume, “dead action” in stock index futures. The last time I remember this was around summer of 2014 and December of 2013 where the ATR was less than 13 for more than a few days. Both times we witnessed a pretty good sell off following the tight ranges/ low volatility. No one can tell if this is what will happen next as the most famous disclaimer in our industry says: “Past performance is not indicative of future results” …..
Gold Daily chart:
GOOD TRADING
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Levels for Trade Date of 02.07.2017
| Contract March 2017 | SP500 | Nasdaq100 | Dow Jones | Mini Russell | Dollar Index |
| Resistance 3 | 2304.25 | 5193.17 | 20113 | 1394.53 | 100.79 |
| Resistance 2 | 2299.25 | 5178.33 | 20067 | 1387.07 | 100.51 |
| Resistance 1 | 2293.50 | 5169.92 | 20024 | 1376.43 | 100.17 |
| Pivot | 2288.50 | 5155.08 | 19978 | 1368.97 | 99.89 |
| Support 1 | 2282.75 | 5146.67 | 19935 | 1358.33 | 99.55 |
| Support 2 | 2277.75 | 5131.83 | 19889 | 1350.87 | 99.27 |
| Support 3 | 2272.00 | 5123.42 | 19846 | 1340.23 | 98.93 |
| Contract | Apr. Gold | March Silver | Mar. Crude Oil | Mar. Bonds | March Euro |
| Resistance 3 | 1259.0 | 18.15 | 55.08 | 152 29/32 | 1.0890 |
| Resistance 2 | 1248.3 | 17.95 | 54.60 | 152 9/32 | 1.0847 |
| Resistance 1 | 1242.3 | 17.85 | 53.86 | 151 27/32 | 1.0807 |
| Pivot | 1231.6 | 17.65 | 53.38 | 151 7/32 | 1.0763 |
| Support 1 | 1225.6 | 17.55 | 52.64 | 150 25/32 | 1.0723 |
| Support 2 | 1214.9 | 17.35 | 52.16 | 150 5/32 | 1.0680 |
| Support 3 | 1208.9 | 17.25 | 51.42 | 149 23/32 | 1.0640 |
| Contract | March Corn | March Wheat | Mar. Beans | March SoyMeal | Mar. Nat Gas |
| Resistance 3 | 371.3 | 439.1 | 1052.17 | 341.87 | 3.17 |
| Resistance 2 | 369.3 | 435.7 | 1047.33 | 339.33 | 3.13 |
| Resistance 1 | 366.5 | 429.1 | 1041.67 | 336.07 | 3.09 |
| Pivot | 364.5 | 425.7 | 1036.83 | 333.53 | 3.05 |
| Support 1 | 361.8 | 419.1 | 1031.2 | 330.3 | 3.0 |
| Support 2 | 359.8 | 415.7 | 1026.33 | 327.73 | 2.97 |
| Support 3 | 357.0 | 409.1 | 1020.67 | 324.47 | 2.93 |
All times are Eastern time Zone (EST)
source:http://www.forexfactory.com/calendar.php
| Date | 3:35pm | Currency | Impact | Detail | Actual | Forecast | Previous | Graph | |
|---|---|---|---|---|---|---|---|---|---|
| TueFeb 7 | 2:00am | EUR |
German Industrial Production m/m
|
0.2% | 0.4% | ||||
| 2:45am | EUR |
French Gov Budget Balance
|
-93.3B | ||||||
| EUR |
French Trade Balance
|
-4.2B | -4.4B | ||||||
| 3:30am | GBP |
Halifax HPI m/m
|
0.2% | 1.7% | |||||
| 8:30am | USD |
Trade Balance
|
-45.0B | -45.2B | |||||
| 10:00am | USD |
JOLTS Job Openings
|
5.56M | 5.52M | |||||
| USD |
IBD/TIPP Economic Optimism
|
56.2 | 55.6 | ||||||
| 3:00pm | USD |
Consumer Credit m/m
|
20.3B | 24.5B |
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 here in 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 judgement in trading.