{"id":20991,"date":"2025-02-05T13:43:43","date_gmt":"2025-02-05T21:43:43","guid":{"rendered":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/?p=20991"},"modified":"2025-02-05T13:51:48","modified_gmt":"2025-02-05T21:51:48","slug":"gold-coffee-20991-2","status":"publish","type":"post","link":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/gold-coffee-20991-2\/","title":{"rendered":"Market Watch: Record Highs in Gold & Coffee, Oil Retreats Amid Trade Concerns"},"content":{"rendered":"

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New all-time highs in Gold!<\/h1>\n

Futures Markets Highlights by Mark O’Brien, Senior Broker<\/h1>\n\n\n\n
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General:<\/p>\n

The big one!\u00a0 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

Softs<\/p>\n

New all-time highs in coffee!\u00a0 The relentless coffee price rally continued today as the March futures contract on the ICE exchange hit a new intra-day record above $4.00 per pound on extremely tight supplies and fears over the outlook for the coming crop.\u00a0 High: $401.10, settle: $397.75<\/p>\n

The ICE coffee futures contract is considered the benchmark to price deals around the world and has moved up more than 15% this year.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n

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Energy:<\/p>\n

Crude oil futures were in retreat on broader demand concerns, tit-for-tat import taxes between the U.S. and China and the prospect of an extended trade war with China, Mexico, Canada and more broadly.\u00a0Prices already were on the defensive after the EIA revealed U.S. commercial crude oil inventories soared\u202fby 8.7 million barrels from the previous week.<\/p>\n

Closing at $71.03 per barrel today, the March contract is down over $7.00 per barrel \u00b110% in two weeks<\/p>\n

Not \u201cplugged in\u201d to crude oil?\u00a0There are three different futures contracts to trade West Texas Intermediate crude oil Traded on the CME Group\u2019s NYMEX, the WTI crude futures contract is the largest energy futures contract in the world by volume.<\/p>\n

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Metals:<\/p>\n

New all-time highs in gold! April gold futures \u2013 the most-active futures contract \u2013 hit a new all-time high \u2013 breaching $2,900 per ounce intraday as the dollar pushed lower. The ongoing sentiment among traders: concerns over the new U.S. administration\u2019s tariff measures. Investors are increasingly turning to gold as a store of value amid fears of potential economic slowdowns, inflationary pressures, and trade disruptions. April gold settled up 2.7% at $2,893.00 per ounce, marking a 2.7% gain for the day and reinforcing gold\u2019s strong upward momentum in the face of ongoing market volatility.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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Daily Levels for February 6th, 2025<\/h1>\n

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Economic Reports<\/h1>\n

provided by:\u00a0<\/a>ForexFactory.com<\/a><\/p>\n

All times are Eastern Time (New York)<\/p>\n

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Cannon Trading Co Inc<\/span>12100 Wilshire Blvd<\/span>Suite 1640<\/span>Los Angeles, CA 90025 US<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

New all-time highs in Gold! Futures Markets Highlights by Mark O’Brien, Senior Broker General: The big one!\u00a0 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. […]<\/p>\n","protected":false},"author":17,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[76,119,230,1491,782,239,67,1334,1439,1378,234],"tags":[],"class_list":["post-20991","post","type-post","status-publish","format-standard","hentry","category-commodity-trading-2","category-crude-oil","category-day-trading-2","category-e-mini-futures","category-economic-trading","category-financial-futures","category-future-trading-news","category-gold-futures","category-natural-gas","category-sp-500","category-trading-guide"],"_links":{"self":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/20991","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\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/comments?post=20991"}],"version-history":[{"count":2,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/20991\/revisions"}],"predecessor-version":[{"id":20993,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/20991\/revisions\/20993"}],"wp:attachment":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/media?parent=20991"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/categories?post=20991"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/tags?post=20991"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}