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
Gold future prices in the August contract is currently trading at 1,303 an ounce still stuck in a 3-week tight consolidation pattern. I am not involved in this market, but I do have a bullish bias toward silver and the copper market which is higher once again today. Volatility in gold is extremely low as we are right near major support on the daily chart. However, one thing that does concern me is that there is a price gap around 1,280 which was hit in late December 2017. I don't like gaps as they are generally filled so be patient and let's see if that situation occurs. Gold prices are still trading under their 20 and 100-day moving average as the short-term trend is to the downside. The U.S. dollar is still hovering right near a 5-month high and has been the main culprit for depressed gold prices as all of the interest remains in the U.S. equity market which is right near another all-time high today as money flows continue to go into that sector and out of gold. The highly anticipated summit between North Korea and the United States is next week and tensions have eased as there is a possibility that North Korea could end their nuclear program. If that is the case, you would probably have to think that gold prices would head lower in the short term, however, avoid this commodity and look at other markets that are beginning to trend.
TREND: MIXED
CHART STRUCTURE: IMPROVING
VOLATILITY: LOW
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