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 futures in the February contract are down $16 this Friday afternoon in New York currently trading at 1,192 an ounce after settling last Friday at 1,175 with huge volatile this trading week with Monday’s trade going as low as 1,140 before rallying sharply hitting a 4 week high as the volatility is as high as I’ve ever seen it due to the fact that crude oil prices have plummeted coupled with a strong U.S dollar as I’m neutral this market and I’m advising traders to sit on the sidelines and look for another market with better chart structure with less risk. Gold futures are trading above their 20 but below their 100 day moving average telling you that the trend is mixed and I do believe that gold prices will continue to head lower as money flows will continue to head into the S&P 500 which is hitting another record high today but the volatility is too high and the risk/reward at the current time is not in your favor in my opinion. The month of December in recent years has been bearish as ETF selling in the gold has put pressure on prices as investors want to take a tax break on losing trades before the end of the year and I think that will continue this year as well as I still see no reason to own gold at the current time.
TREND: MIXED
CHART STRUCTURE: AWFUL Continue reading "Weekly Futures Recap With Mike Seery"
