Insight into day trading gold futures & Trading Levels for 6.12.2018 - Support & Resistance Levels

Support & Resistance Levels

This Blog provides futures market outlook for different commodities and futures trading markets, mostly stock index futures, as well as support and resistance levels for Crude Oil futures, Gold futures, Euro currency and others. At times the daily trading blog will include educational information about different aspects of commodity and futures trading.

Insight into day trading gold futures & Trading Levels for 6.12.2018


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Dear Traders,

The following article was written by my colleague John Thorpe and offers valuable insight into day trading gold futures specifically and most other futures markets in general.
Day Trading Comex Gold Futures
(Contrary to Conventional Wisdom)
By: John Thorpe, Cannon Trading Senior Broker
Markets are forward looking. Today’s price is as much a reflection of yesterday’s fears, needs , wants and desires as the current reaction to a political leader rattling sabers, or the effect that a surprise Government Report  will have on the prices of a security or commodity.
Contrary to conventional wisdom, Day Traders tend to be well educated and well capitalized.
Risk takers, by any other name, Wildcat oil drillers? Computer geeks working out of their parent’s garage? Mom and Pop managing their hard earned 401k’s; The Day trading approach is not very different from any other investing approach, with one major distinction from other risk takers who operate on a much greater time horizon.  As a day trader, you open an investment and close an investment between sunup and sundown and often many times during a market session.  One of the greatest risks that day traders must avoid is gauging their success or failure within that same sunup to sundown time frame. I like to call this a fiction trap. A fiction trap occurs when the day trader believes that once he has a good day trading, his subsequent days will always yield the same results. The fiction trap results in unrealistic expectations for success.  The Market, like the ocean current, is sometimes similar in repetition, but rarely identical in motion. When risk takers begin the process of assessing a strategy, they do it with the long view in mind.
By taking a longer view of returns, like all other risk takers, you can avoid the fiction trap of unrealistic expectations by incorporating the Rule of 72 into your long-range plans. The Rule of 72 is a formula that tells you how quickly (given a rate of return) it will take for your account size to double. Although your account size can double in one day trading futures, it is rare to hold on to those gains. The Rule of 72forces you to be patient, emotionally subdued, and in line with long-term goals.
To read the rest of the article, click here


Good Trading

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.

Futures Trading Levels


Contract September 2018  SP500 #ES_F Nasdaq100  #NQ_F Dow Jones  #YM_F Mini Russell #RTY_F BitCoin Index #XBT_F
Resistance 3 2815.25 7284.75 25580 1692.47 8466.57
Resistance 2 2804.75 7249.75 25499 1685.53 8079.01
Resistance 1 2795.00 7220.75 25419 1680.37 7418.18
Pivot 2784.50 7185.75 25338 1673.43 7030.62
Support 1 2774.75 7156.75 25258 1668.27 6369.79
Support 2 2764.25 7121.75 25177 1661.33 5982.23
Support 3 2754.50 7092.75 25097 1656.17 5321.40
Contract August Gold #GC_F July Silver #SI-F July Crude Oil #CL-F Sept.  Bonds  #ZB_F June  Euro #6E_F
Resistance 3 1317.5 17.24 68.15 143 27/32 1.1869
Resistance 2 1312.2 17.11 67.25 143 17/32 1.1848
Resistance 1 1308.3 17.03 66.65 143  7/32 1.1819
Pivot 1303.0 16.90 65.75 142 29/32 1.1798
Support 1 1299.1 16.83 65.15 142 19/32 1.1770
Support 2 1293.8 16.70 64.25 142  9/32 1.1749
Support 3 1289.9 16.62 63.65 141 31/32 1.1720
Contract July  Corn #ZC_F July Wheat #ZW_F July Beans #ZS_F July SoyMeal #ZM_F July Nat Gas #NG_F
Resistance 3 383.4 531.9 978.58 365.13 3.03
Resistance 2 380.1 527.3 973.42 362.27 3.00
Resistance 1 373.7 520.9 963.58 356.73 2.97
Pivot 370.3 516.3 958.42 353.87 2.94
Support 1 363.9 509.9 948.6 348.3 2.9
Support 2 360.6 505.3 943.42 345.47 2.89
Support 3 354.2 498.9 933.58 339.93 2.86

Economic Reports, source: 



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.

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