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 1,310 an ounce while currently trading at 1,345 up about $35 for the trading week remaining extremely choppy as prices have gone nowhere over the last 3 months. Earlier in the week the Federal Reserve made comments that they will not raise interest rates as prices held major support around the 1,310 level and now looks to retest the upper end of the trading range around 1,360 as I’m currently sitting on the sidelines waiting for a trend to occur. Gold prices are trading above their 20 and 100-day moving average telling you the short-term trend is higher as the commodity markets in general in my opinion look to be bottoming. I see the next move to the upside across-the-board as the Federal Reserve, in my opinion, will not raise rates in 2016 as they want to see asset prices go higher. [Read more...]