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 1,230 while currently trading at 1,245 as I was recommending a short position and stopped out early in the week taking a very small loss as the momentum continues to the upside due to the fact that the U.S dollar is now near a 7 week low pushing up the precious metals in the last couple of weeks. At present, I'm sitting on the sidelines waiting for a trend to occur as prices are now trading above their 20 and 100-day moving average looking to retest the February 27th high of 1,265 & if that is broken you have to think prices would continue to move higher. The main catapult was the fact that the Federal Reserve stated that they will slow down on interest rate hikes sending gold prices from 1,200 up to today's price levels, but this market remains choppy in my opinion as the risk/reward is not in your favor as there are very few trends at present. The Obama care replacement has caught a couple of snacks also sending the stock market lower this week and gold prices higher, however, I still believe that will be resolved as money flows have been entering the bonds and gold this week. [Read more...]