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 1,132 an ounce while currently trading at 1,082 down about $50 for the trading week continuing its remarkable bearish trend as I’ve been recommending a short position when prices broke 1,170 and if you took that trade continue to place your stop loss above the 10 day high which currently stands at 1,160 as the chart structure will start to improve on a daily basis starting next week. Gold prices are trading far below its 20 and 100 day moving average telling you that the short-term trend is to the downside as the next level of support is around 1,050 as I think that could be tested in next week’s trade as there’s no reason to own gold and if you’ve been reading any of my previous blogs you understand how bearish I am of the entire commodity sector as a whole. [Read more...]