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 February contract are trading above their 20 and 100 day moving average settling last Friday in New York at 1,277 while currently trading at 1,288 an ounce down about $12 this afternoon as I have been recommending a bullish position when prices cracked 1,245 and if you took that trade place your stop at the 10 day low which in Monday’s trade will be 1,217 still risking about $70 or $7,000 per contract plus slippage and commission, however the chart structure will start to improve on a daily basis starting next week. Gold prices hit a 5 month high this week and now is being considered as a currency and not a commodity as nobody wants to own any of the foreign currencies especially the Euro currency which was down another 100 points today sending the U.S dollar to an 11 year high as countries like Yemen are collapsing right in front of our eyes and many other countries are getting crushed by the low crude oil prices so investors are seeking a safe haven in gold despite today’s negative tape. [Read more...]