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 August contract settled last Friday at 1,173 an ounce while currently trading at 1,163 as I’ve been recommending a short position when prices broke the 1,170 level while placing your stop loss above the 10 day high which stands at 1,201 risking around $31 or $1,000 per mini contract plus slippage and commission. Gold futures are trading below their 20 and 100 day moving average breaking out to a 3 ½ month low as a possible retest of the contract low of 1,144 is in the cards in my opinion as I was recommending a short position a month ago getting stopped out so here I’m trying again to the downside as I’m a trend follower and the trend clearly in my opinion is lower. [Read more...]