The Rest of the Trading Week……
by Mark O’Brien, Senior Broker:
General:
The focus this week will be on the U.S. Personal Consumption Expenditures Price Index, the Fed’s preferred inflation gauge, which could shed light on the central bank’s interest-rate path.
Also on the radar are U.S. first-quarter gross domestic product estimates and the first debate between President Joe Biden and the presumptive Republican presidential candidate and former president Donald Trump on Thursday.
Metals:
Gold futures prices fell ± $20 or ± 1% to their lowest level in more than two weeks today, likely on the heels of continued U.S. dollar strength. The front month August contract traded within a few dollars of $2,300 per ounce – which is ±$160/oz. from its mid-May all-time high (Aug. gold closed at $2,461.70/oz. on May 20th). Conversely, the September U.S. Dollar futures contract dollar rose 0.4% to ± 105.75, a near two-month peak against its main rivals, thus making gold more expensive for other currency holders.
Energies:
After a ± $8.00 per barrel rally in the last three weeks and trading between $80 – $82 per barrel over the last seven sessions, crude oil futures held steady in the face of the strong dollar. Traders appear increasingly confident that global oil inventories will inevitably feel demand pressure – particularly in the northern hemisphere coming into its summer driving season. Geopolitical risks in the Middle East and a ramp-up in Ukrainian drone attacks on Russian refineries are also underpinning oil prices.
If you are a day trader, below you will see markets that our proprietary ALGO has identified as being more suitable for attacking either from the long side or the short side for the next trading session.
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Daily Levels for June 26th, 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.