We've asked Michael Seery of SEERYFUTURES.COM to give our INO readers a weekly recap of the Futures market. He has been Senior Analyst for close to 15 years and has extensive knowledge of all of the commodity and option markets.
Michael frequently appears on multiple business networks including Bloomberg news, Fox Business, CNBC Worldwide, CNN Business, and Bloomberg TV. He is also a guest on First Business, which is a national and internationally syndicated business show.
Gold futures in the December contract settled last Friday in New York at 1,255 an ounce while currently trading at 1,267 slightly higher for the trading week as gold remains relatively nonvolatile at the current time. Presently I am sitting on the sidelines as I’m not involved in any of the precious metals as prices are stuck in a 3 week sideways consolidation pattern. The U.S dollar is now hitting a 8 month high which is certainly not bullish the precious metals as it looks to me that the dollar will try to touch 100 in the coming weeks. I still believe that many of these markets will go sideways until the U.S election is finished which is still around 3 weeks away so be patient as there are still very few trends except in the grain market which is where my focus is at present. Rumors are circulating that the Federal Reserve might raise interest rates in the month of December and that is why the U.S dollar continues to move higher keeping a lid on many commodity prices here in the short-term. However, we have seen this story before.
CHART STRUCTURE: EXCELLENT [Continue reading]