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 April contract settled last Friday in New York at 1,239 an ounce while currently trading at 1,258 up about $19 for the trading week with the highest prices that we have seen since November 11th as the bullish momentum continues. At present, I am not involved in gold, but I do believe prices are going higher as I'm already involved in silver, copper, and platinum as I don't want to be too top-heavy because they all follow one another. Gold prices are trading above their 20 and 100-day moving average telling you the short-term trend is higher as I do believe prices will retest the $1,300 level which is where gold was trading at the U.S election. If you are long a futures contract, I would place your stop loss under the 10-day low which stands at $1,217 as prices broke out in Thursday's trade as there is a lot of demand for gold & the precious metals so continue to play this to the upside in my opinion. [Read more...]