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 are ending the week on a sour note down $26 an ounce currently trading at 1,284 filling the gap that I've talked about in previous blogs that occurred on December 21st at 1,284 as this market has now hit a 6-month low. The U.S. dollar continues to hover around its contract high as that's the main culprit for depressed prices as gold continues its bearish momentum in 2018 also pushing silver prices down $0.60 this afternoon as that is my only precious metal recommendation at the current time. Gold futures are trading under 20 and 100-day moving average telling you that the trend is to the downside breaking out of a 4-week consolidation as the volatility certainly has expanded as the entire commodity markets across the board today are lower as the Trump tariffs talks are throwing a wrench into the closet and who knows how this situation is going to end up. The next major level of support stands at 1,260 as there is still room to run to the downside in my opinion as all of the interest still remains in the U.S. equity market which is also lower today, however the NASDAQ 100 did hit all-time highs once again this week as money flows continue to come out of gold and into stocks as I don't see that situation changing as I still believe the stock market will remain strong for the rest of this year.
CHART STRUCTURE: SOLID
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