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 April contract settled last Friday in New York at 1,176 an ounce while currently trading at 1,196 up $20 for the trading week continuing its bullish momentum right at a 7 week high. I have been sitting on the sidelines in this market looking at entering into a bullish position as I do think the precious metal sector has bottomed, however, the chart structure needs to improve as the 10 day low stands at 1,149 which is too far away, in my opinion, risking too much money so be patient as we could be in a bullish position in several of the precious metals later next week. Gold prices are still trading above their 20-day but below their 100-day moving average telling you that the shorter-term trend is mixed as the U.S dollar is also near a 4 week low as gold prices have been hit over the last year as all the interest remains in the S&P 500 which is right near another all-time high. Trading is all about risk/reward & its not in your favor at the present time, but could be later next week or on a significant price decline as I'm looking at buying this market around the 1,180 level which could happen on any given day so be nimble and quick as trading does not resume until Tuesday afternoon because of the holiday weekend in the United States.
CHART STRUCTURE: POOR - IMPROVING
Crude Oil Futures
Crude oil futures in the March contract settled last Friday at 54.87 a barrel while currently trading at 53.24 down about $1.50 for the trading week as I'm sitting on the sidelines looking at a possible short position as prices are right near a 4 week low. [Read more...]