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 April contract settled last Friday in New York at 1,201 an ounce while currently trading at 1,229 up about $28 for the trading week all based off of the Federal Reserve raising interest rates. However, stating that they will take precaution down the road sending many commodities higher while sending the U.S dollar sharply lower. At present I'm now recommending a short position from the 1,229 level and if you take that trade place your stop loss above the 10-day high which stands at 1,237 risking around $250 per mini contract or $800 on the large contract plus slippage and commission as the risk/reward are highly in your favor as the chart structure is outstanding. Gold prices hit a 6 week low earlier this week telling you that the short-term trend is lower as prices are trading right at their 20 & 100-day moving average with major support around the 1,200 level & if that is broken the bearish trend should continue in my opinion so take a shot at the short side as the monetary risk is low.
TREND: LOWER
CHART STRUCTURE: EXCELLENT Continue reading "Weekly Futures Recap With Mike Seery"
