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 December contract settled last Friday in New York at 1,136 an ounce while currently trading at 1,154 trading above its 20 and 100 day moving average for the 1st time in many months as the trend has now turned to the upside, however the chart structure is very poor at the current time as the 10 day low is to for away so I’m sitting on the sidelines waiting for a tighter stop to develop. Many of the commodity markets have rallied in the last week including the energy sector & precious metals as the next major level of resistance is around 1,170 as a short-term bottom certainly looks like it’s developed, but be patient and wait for better chart structure which could take a couple more weeks as the U.S dollar continues its short-term bearish trend helping support the commodity and gold market. Gold prices have remained very choppy over the last six weeks with high volatility so if you want to trade this market place the proper amount of contracts risking 2% of your account balance on any given trade, but in my opinion this market remains choppy and is very difficult to trade successfully. [Read more...]