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Category: Gold Futures
Gold Futures Hit All-Time Highs: Margin Updates and Chart Review
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OPEC Meeting + Futures Trading Levels for April 3rd
OPEC Meeting tomorrow
- OPEC+ JMMC meets on Wednesday at 1100 GMT
- Producers earlier agreed to extend output cuts
- Oil rallies to $89 a barrel, highest this year
LONDON, April 2 (Reuters) – An OPEC+ ministerial panel is unlikely to recommend any oil output policy changes at a meeting on Wednesday, five OPEC+ sources told Reuters, as oil prices hit their highest this year.
The Organization of the Petroleum Exporting Countries and allies led by Russia, known as OPEC+, will hold an online joint ministerial monitoring committee meeting (JMMC) on April 3 to review the market and members’ implementation of output cuts they have already agreed to extend.
Gold hit all time highs!
Gold chart for your review below.
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Daily Levels for April 3rd, 2024

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* 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.
Gold Outlook + Futures Trading Levels for April 2, 2024
First Week of Q2!
- Heavy Fed Speeches, 19 Count ’em, Tuesday thru Friday with JPowell on Wednesday @ 11:10 a.m. CDT from Stanford.
- Earnings season will officially begin the middle of April.
- Economic Data Highlights : Jobless Claims early Thursday and NonFarm Payrolls headline Friday pre-opening
- Gold Chart for your viewing below
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Daily Levels for April 2nd, 2024

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* 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.
Markets Post FOMC + Levels for March 21st 2024
Life After FOMC …..
by Mark O’Brien, Senior Broker
General:
The Federal Reserve took center stage today. With inflation proving stickier than expected, the central bank has found itself balancing between a hawkish and dovish view. The policy-setting FOMC held interest rates steady at the 5.25%-5.50% range for the fifth straight meeting. The bigger indicator traders were eager to see was the Fed governors’ so-called dot plot that updated their rate and economic projections – for the first time since December. Turns out, it didn’t deviate from the three rate cuts they previously penciled in by the end of 2024.
Indexes:
As of this typing, the June E-mini S&P 500 is trading at new all-time highs around 5280. As well, the June E-mini Dow Jones is trading at its own all-time highs, barely 100 points away from 40,000!
Metals:
April gold is on the verge of eking out its own all-time high close above last Monday’s closing price of $2,188.60 per ounce. It’s currently trading ±$2,191.00 per ounce
General pt. II:
Over the weekend, Japan ended its negative interest rate policy, marking a historic shift away from an aggressive monetary easing program that was implemented years ago to fight chronic deflation. As part of the decision, the Bank of Japan (BOJ) raised interest rates for the first time in 17 years, lifting its short-term rate to “around zero to 0.1%” from minus 0.1%.
Plan your trade and trade your plan
Daily Levels for March 21st, 2024

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* 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.
Weekly Newsletter: Understanding Price Banding, May Bean Oil Outlook and Automated Gold System
Cannon Futures Weekly Letter Issue # 1186
- Important Notices – FOMC Next Week
- Trading Resource of the Week – Understanding Price Limits and Banding
- Hot Market of the Week – May Bean Oil
- Broker’s Trading System of the Week – Gold Swing System
- Trading Levels for Next Week
- Trading Reports for Next Week
Important Notices –
- FOMC Meeting next week. Announcement on Wednesday.
- Light data most of the week. Housing sales
- Very few earnings
- June is front month for indices, currencies and financials.: M = June
- USA is on daylight savings time – most international countries have NOT changed yet.
Trading Resource of the Week : What are Price Limits and Price Banding? by CMEgroup.com
- Hot Market of the Week – May Bean Oil
-
Broker’s Trading System of the Week
Daily Levels for March 18th 2024
Trading Reports for Next Week

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* 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.
Ahead of NFP + Futures Trading Levels for 03.06.2024
Bullet Points, Highlights, Announcements
Heads up:
Keep an eye out for Friday (7:30 A.M., Central Time) for the release of the monthly Non-farm Payrolls report by the Labor Department. It’s widely considered to be one of the most important and influential measures of the U.S. economy.
To review, the Labor Dept.’s Bureau of Labor Statistics surveys about 141,000 businesses and government agencies, representing approximately 486,000 individual work sites. The report excludes farm workers, private household employees, domestic household workers and non-profit organization employees. The report also includes other detailed industry data including the overall unemployment rate as a percentage of the total labor force that is unemployed but actively seeking work, wages, wage growth and average workday hours.
General:
It was truly an historical day yesterday. Both the decades-old 100-oz gold futures contract and the seven-year-old Bitcoin futures contracts traded up to all-time highs. Apart from any of the stock index futures contracts, rarely do we see simultaneous all-time highs for futures contracts. April gold touched $2,150.50 per ounce (and is trading at new all-time highs again today), while the March Bitcoin futures hit 70,195 – before a significant ±10,000-point sell-off in a span of four hours around mid-session.
But wait, there’s more! May cocoa traded up to its own all-time high yesterday as well, hitting $6,660/metric ton intra-day. This is a ±$26,000 move for cocoa in a little more than two months, having closed at $4,048 on Jan. 8.
Three consecutive all-time highs in futures: gold, Bitcoin and cocoa. Oh my!
Energy:
Managing Director and Global Head of Commodity Strategy at Royal Bank of Canada’s Capital Markets Division. That’s quite a title and it’s how Helima Croft’s business card reads. She’s well regarded as a specialist in geopolitics and energy and along with her team of commodity strategists who cover energy and metals are seeing signs of the higher supply/lower demand imbalance in crude oil tipping in the other direction. This is a macro prediction and not forecasting any sort of breakneck move to $100/barrel and it rests in part on the view that the U.S. will be unable to replicate its “blockbuster” output of 2023. It also anticipates OPEC+ will look to press on with its aggressive production cuts having already committed to extending its 2.2 million barrel-a-day production cut through June. The projection also sees the conflict in the Middle East as instilling a risk premium in energy prices that isn’t going away soon and may increase if the region sees a spread of hostilities.
Plan your trade and trade your plan
Daily Levels for March 7th, 2024

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* 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.
Analysis of gold as we hit all time highs!
Gold’s Performance Against U.S., Asian Equities the Past Century
By Erik Norland of CMEGroup.com
Is gold a more profitable investment than equities over the long term? Our finding is that the value of gold has mostly held its own against the U.S. equity market since the S&P 500 time series began over 94 years ago (Figure 1). A well-defined picture of their performance through peaks and troughs is evident when the S&P 500 dollar value is repriced in gold, which is done by dividing the S&P 500 by the U.S. dollar price of one troy ounce of bullion (Figure 2).
Figure 1: Overall, gold has nearly held its own versus equities over the past 100 years.
The S&P 500/gold ratio has been subject to extremely strong trends and occasional periods of consolidation which correspond with different economic and geopolitical situations, some of which benefitted equities relative to gold and vice versa. Generally, equities have done better than gold during periods of geopolitical stability, disinflation and steady economic growth, while gold tends to outperform during periods of instability. Switching from one circumstance to another can set off powerful trends in the S&P 500/gold ratio that can last for years, even decades. The same goes for Asian equity markets when compared to gold, although the price history isn’t as long and the patterns differ both in equity market performance and trends in the currency market.
Since the equity market’s peak on September 3, 1929, the S&P 500/gold ratio has been through six distinct eras:
- 1929-1942: The Great Depression and the Rise of the Axis Powers: Between 1929 and 1933 S&P 500 fell by 86% in U.S. dollar terms. In 1933, the incoming Roosevelt Administration’s first action was to devalue the dollar versus gold from $23 to $35 per ounce, a 52% gain for anyone who was still able to hold on to gold. Between 1933 and 1942, equities stagnated as the U.S. struggled to recover from the Depression and as the Axis Powers of Germany, Italy and Japan reached their peak of expansion in 1942.
- 1942-1968: Allied Victory, Bretton Woods and Superpower Parity: as the Allies turned the tide in the war, equity markets began to rally. Stocks continued upward with only brief pauses around the time of the Korean War and the Cuban missile crisis. Under the post-war Bretton Woods system of fixed exchange rates, the dollar remained fixed at $35 per ounce and foreign currencies were pegged to the dollar. The S&P 500 soared 1,165% versus the dollar and gold.
- 1968-1980: Overheating and Stagflation: The combination of the Great Society program and Vietnam War overheated the U.S. economy, leading to successive waves of inflation. Amid rising prices, the U.S. dollar peg to gold was no longer tenable. In 1971, the Nixon Administration pulled the plug on Bretton Woods, setting off a rally in gold prices that took the yellow metal from $35 to $800 per ounce by the end of the decade. Equity prices traded sideways in a wide range during this period of uncertainty which also featured the U.S. withdrawal from Vietnam, the 1973 Arab Embargo, the Iranian Revolution and the Soviet invasion of Afghanistan. Relative to gold, the S&P 500 fell by 95%.
- 1980-2000: Disinflation and Pax Americana: Over the course of two decades the S&P 500 rose by 4,137% versus gold as stock prices soared and precious metals retreated amid tight money, falling inflation and improved economic growth.
- 2000-2011: The Tech Wreck, War on Terror and the Global Financial Crisis: during this period, the S&P 500 lost 89% in gold terms.
- 2011-2021: Pax Americana Part 2: From 2011-2019 equities soared amid a slow, low-inflation recovery in the U.S. that sent the price of gold substantially lower. While equities fell in the early stages of the Covid-19 pandemic, fiscal stimulus and $4.9 trillion of Federal Reserve quantitative easing (QE) purchases initially benefitted equities more than gold. Overall, the S&P 500 outperformed gold by 337% during this time.
What’s next? The S&P fell 28% versus gold from late 2021 through 2022, and despite its 2023 rebound led by mega-cap companies dubbed the Magnificent Seven, it remains 5% lower versus gold as of late February 2024 despite being about 6% above its 2021 highs when expressed in dollar terms. A few points are clear:
- The S&P has lost its upside momentum versus gold.
- The world may have entered a lasting period of geopolitical instability with Russia and other powers challenging the U.S.-led order.
- It’s not clear if the U.S. and its peers will return to lastingly low levels of inflation or not.
- Central banks have conducted the biggest tightening cycle in over 40 years, which may increase the risk of a global economic downturn and subsequent monetary easing.
These points have the potential to turn the tide against U.S. equities, which are highly valued (see our related article here), in favor of hard assets like gold. But what about much less expensive equity markets like those in China, Japan and Korea? South Korea’s KOSPI Index, Japan’s Nikkei 225 and Hong Kong’s Hang Seng Index have their own strong trends versus gold.
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Daily Levels for March 6th, 2024

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* 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.
What is a Troy Ounce? +Futures Trading Levels for 12.28.23
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As has been the case in prior years, this week we’re seeing reduced daily trade volume across the futures markets. Adding to this environment, Last Trading Day for Jan. ’24 Natural gas is tomorrow the 27th, and both First Notice Day for January ‘24 CBOT soy complex futures and Last Trading Day for January ‘24 RBOB gasoline and ULSD Heating oil is this Friday the 29th.
Both natural gas and crude oil numbers are out tomorrow due to the short trading week.
Just what is a Troy ounce, anyway? For those trading precious metals futures like gold, silver, platinum and palladium, it’s the unit of weight by which those physical products are measured.
Turns out, a small town about 110 miles southeast of Paris and situated within the Champagne wine region was major intersection for parts of the Roman-era trade highways and then an important international trading hub during the Middle Ages (± 500 AD to 1500). The town’s name: Troyes (pronounced: troy). Right around the 12th and 13th centuries – call it the middle of the Middle Ages – an annual cycle of 2- to 3-week trade fairs flourished in the region and it was likely then that the unit of weight was standardized and first used. It essentially beat out other systems of weight developed in other parts of Europe and eventually it was made the official weight for gold and silver by England in 1824, called the British Imperial system. Four years later, the United States adopted it as an official weight standard for United States coinage. And today, your precious metals are still measured using this system.
Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time when it comes to Futures Trading.
Futures Trading Levels
12-28-2023

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Economic Reports,
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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.
Weekly Newsletter: Text Alerts, Silver Daily Chart + Futures Trading Levels for Dec. 4th
Cannon Futures Weekly Newsletter Issue # 1173
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In this issue:
- Important Notices – Trade March bonds, Feb. gold
- Trading Resource of the Week – Trade Alerts
- Hot Market of the Week – March Silver
- Broker’s Trading System of the Week – CL (Crude) Day Trading System
- Trading Levels for Next Week
- Trading Reports for Next Week
-
Important Notices
- Federal Reserve Board Black Out Period Dec 2-14
- March (H24) Interest rate products, ZB, UB,ZN,ZF,ZT. are now front month
- Front month for gold is February
- March (H24) front month for silver
- Earnings watch, Tuesday 12-5 Toll Brothers Builders NYSE (TOL), Thursday 12-7 chipmaker Broadcom NYSE (AVCO)
- Reports a variety, Main Focus Friday, NFP 6:30am, WASDE 10am and 1st day of Hanukkah all times CST
- click above for a LIVE demo, streaming prices
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Trading Resource of the Week
Real Time Text Alerts
- You will receive a text and email each time there is an entry or exit in a simple language along with the current price for that specific market.
- A licensed series 3 broker at your fingertips
- Text alerts available to US and Canada residents. Int’l clients will receive the alerts via email. No obligation
- Alerts available for: Stock Indices, Grains, Metals, Rates, Currencies and Meats
- Open an account* and receive the Trade Alerts free for 3 months ($357 value)
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Hot Market of the Week – March Silver

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Broker’s Trading System of the Week
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Trading Levels for Next Week



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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