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 is currently trading at 1,290 an ounce after settling last Friday in New York at 1,285 up about $5 for the trading week still unable to crack the critical 1,300 level on a closing basis. Gold prices are trading above their 20 and 100-day moving average as the trend remains to the upside. I've been recommending a bullish position from around the 1,252 level and if you took that trade place the stop loss under the 10-day low which now stands at 1,276 as the chart structure is outstanding due to the low volatility. The U.S. dollar hit a TWO month low in this week's trade as that has been supportive gold prices, but for the bullish momentum to continue we have to break the January 4th high of 1,300, and then I think prices could run up to the 1,350 level as there is still strong demand for this commodity at the current time. The Federal Reserve looks like it will pause raising interest rates as that is also a fundamental bullish factor towards gold as I'm also recommending bullish positions in silver and platinum so stay long and continue to place the proper stop loss.
TREND: HIGHER
CHART STRUCTURE: EXCELLENT
VOLATILITY: LOW
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