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 in New York at 1,202 while currently trading at 1,170 an ounce down about $30 for the trading week remaining incredibly choppy as I was recommending a short position getting stopped out in last week’s trade when prices bumped up against 1,200 as I’m sitting on the sidelines at the current time waiting for another breakout to occur and that could happen soon as prices remain very weak. Gold futures are trading below their 20 and 100 day moving average looking to break the critical 1,170 level and the second critical level is 1,160 if that level is broken I would have to think that the bear market is underway as I see no reason to own gold at the current time as all the interest is in the stock market which is right near all-time highs. [Read more...]