{"id":20461,"date":"2024-10-30T20:19:00","date_gmt":"2024-10-30T20:19:00","guid":{"rendered":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/?p=20461"},"modified":"2024-10-30T20:19:21","modified_gmt":"2024-10-30T20:19:21","slug":"all-eyes-on-nfp-u-s-growth-and-gold-rally-amid-key-jobs-data-release-this-friday","status":"publish","type":"post","link":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/all-eyes-on-nfp-u-s-growth-and-gold-rally-amid-key-jobs-data-release-this-friday\/","title":{"rendered":"All Eyes on NFP: U.S. Growth and Gold Rally Amid Key Jobs Data Release This Friday"},"content":{"rendered":"\n\n\n
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All Roads lead to NFP This Friday<\/strong><\/p>\n

By Mark O’Brien, Senior Broker<\/p>\n

General:\u202f\u00a0<\/strong><\/p>\n

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The U.S. economy continued its recent strong stretch of growth this summer, bolstered by strong consumer and government spending.\u00a0 The Commerce Department reported this morning that the nation\u2019s Gross domestic product increased at a 2.8% annual rate in the third quarter, adjusted for seasonality and inflation.<\/p>\n

Despite the report showing a slight slowdown from the second quarter\u2019s 3% rate, and coming in below economists\u2019 expectations for a 3.1% pace, and even in the face of the historically high borrowing costs that carried into the period, the July-to-September quarter marked a continuation of a roughly two-year streak of strong growth for the U.S. economy.<\/p>\n

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Indeed, the economy has outperformed expectations over the past couple of years.\u00a0 A much-anticipated recession has yet to materialize, even though the Federal Reserve raised interest rates aggressively to curb inflation in recent years. Wednesday\u2019s report points to an economy that is still humming, with strong consumer spending supported by a robust labor market, and business investment that remains solid.<\/p>\n

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Metals:\u202f\u00a0<\/strong><\/p>\n

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We\u2019re blogging like a broken record when it comes to covering gold futures.\u00a0 The price of the front month December contract touched another all-time record high last night, trading briefly over $2,800 per ounce and it\u2019s looking like it\u2019ll post a close above there based on its old 10:30 A.M., Central Time pit session close today.<\/p>\n

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Much of the credit for the increased demand can be tied to simmering tensions in the Middle East and the uncertainty over the upcoming presidential election in the U.S., now just six days away.<\/p>\n

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Kudos to analysts at Citi who raised their three-month\u202fforecast for gold prices to $2,800 per ounce earlier this month.\u202f They\u2019re still looking for a move to $3,000 over the next 6\u201312 months.<\/p>\n

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Soy Complex:\u00a0<\/strong><\/p>\n

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January soybeans, which is now the most actively traded contract, closed at $9.79 per bushel on Monday.\u00a0 That put prices within striking distance of that futures contract\u2019s intraday life-of-contract low at 973\u00bd posted on August 14th.<\/p>\n

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Heads up:\u00a0<\/strong><\/p>\n

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It\u2019s that time of the month again: we\u2019re a couple of days from\u202fwhen the Labor Dept. releases its monthly Non-farm payrolls report.\u202f It\u2019s widely considered to be one of the most important and influential measures of the U.S. economy and the report is released at 7:30 A.M., Central Time on the first Friday of the month.<\/p>\n

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To review, the Labor Dept.\u2019s Bureau of Labor Statistics surveys about 141,000 businesses and government agencies, representing approximately 486,000 individual work sites.\u202f The report excludes farm workers, private household employees, domestic household workers and non-profit organization employees.\u202f 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.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Daily Levels for Oct. 31st 2024<\/strong><\/p>\n

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Good Trading!<\/div>\n
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About:\u00a0Cannon Trading is an independent futures brokerage firm established in 1988 in Los Angeles. Our mission is to provide reliable service along with the latest technological advances and choices while keeping our clients informed and educated in the field of futures and commodities trading.<\/div>\n
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Join our\u00a0Private Facebook group Subscribe to our\u00a0YouTube Channel Listen to our podcast: Subscribe on\u00a0Apple,\u00a0Spotify,\u00a0Amazon,\u00a0or wherever you listen to podcasts!   All Roads lead to NFP This Friday By Mark O’Brien, Senior Broker General:\u202f\u00a0   The U.S. economy continued its recent strong stretch of growth this summer, bolstered by strong consumer and government spending.\u00a0 The Commerce […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[231,76,230,782,67,30,61,1334],"tags":[],"class_list":["post-20461","post","type-post","status-publish","format-standard","hentry","category-commodity-brokers-2","category-commodity-trading-2","category-day-trading-2","category-economic-trading","category-future-trading-news","category-futures-broker-2","category-futures-trading-2","category-gold-futures"],"_links":{"self":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/20461","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/comments?post=20461"}],"version-history":[{"count":2,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/20461\/revisions"}],"predecessor-version":[{"id":20463,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/20461\/revisions\/20463"}],"wp:attachment":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/media?parent=20461"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/categories?post=20461"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/tags?post=20461"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}