Category: General

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 currently trading at 1,322 an ounce after settling last Friday in New York at 1,309 up about $11 for the trading week continuing its remarkable bullish run over the last month as we have now traded higher for the last 11 consecutive sessions. Gold prices bottomed out on December 12th at 1,238 and have now rallied substantially right near a four-month high. I am not involved in this market as the chart structure is terrible due to the recent run-up in prices all because of the U.S. dollar has now hit a three-month low supporting gold and the precious metals across the board. At this point, I am very reluctant to buy gold as I think it is overextended and if you take a look at the RSI indicator, it's in overbought territory. It's remarkable in my opinion that gold has rallied this much despite the fact that the U.S. stock market has hit an all-time high every day this week & looks to move even higher in 2018 in my opinion. As I've talked about in many previous blogs, I do believe that commodities are extremely cheap at this point. If you're looking to buy gold, I would wait for some type of retracement around the 1,300 level as patience is the key to trading sometimes. However, the trend is to the upside as we are trading above the 20 and 100-day moving average, but I think prices are ahead of themselves.

TREND: HIGHER
CHART STRUCTURE: POOR
VOLATILITY: INCREASING
Continue reading "Weekly Futures Recap With Mike Seery" →

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 settled last Friday in New York at 1,257 while currently trading at 1,272 an ounce up about $15 for the trading week right near a 3-week high. I'm currently not involved in this market as the trend remains mixed. Gold prices are trading above their 20-day moving average but still far below their 100-day as this market remains extremely choppy as all the interest lies in the S&P 500 and the equity markets which hit all-time highs once again this week. Interest also lies in the Bitcoin cyber currency phenomenon, however that currency was down $6,000 this week as trading began on Sunday night at the CME. The U.S. dollar has experienced extremely low volatility over the last several weeks lending very little influence on gold prices, and I'm advising clients to avoid this market as we will see what 2018 brings. I'm not sure where prices are headed at the current time. In my opinion, I still think the path of least resistance is to the downside as we might retest recent lows around 1,238 as political tensions with North Korea have eased over the last several months. This is basically a technical trade at this time so look at other markets with a better potential and a much stronger trend as this market keeps flip-flopping on a daily basis which is difficult to trade successfully.
TREND: MIXED
CHART STRUCTURE: SOLID
VOLATILITY:LOW
Continue reading "Weekly Futures Recap With Mike Seery" →