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 had a wild trading week with a $30 up day and $30 down day finishing up about $5 for the trading week in the February contract going out this Friday in New York at 1,235 an ounce finishing up $11 this Friday afternoon as the trend still remains bearish in my opinion & I still believe that there’s a high probability that prices will retest the summer lows of 1,180 here in the next couple of weeks. Next week will be very interesting to see if the Fed does taper bond purchases and how these markets will react so expect extreme volatility in the precious metals especially if tapering is announced. I would definitely expect prices to drop rather significantly quickly but the opposite could happen as well as if there is no tapering you could get a big knee-jerk reaction to the upside so I’m advising just to sit on the sidelines and see what the statement says and go from there because it’s like flipping a coin at this time but the trend is to the downside so at least in the short-term prices still look vulnerable. Gold is still trading below its 20 and 100 day moving average we really have gone nowhere in the last month but we had extreme volatility as there is major support down at those levels. Gold is down about 35% from its all-time high of about 1,900 just a couple years ago and eventually there will be a bottom in this market I just don’t think quite yet.
TREND: LOWER
CHART STRUCTURE: OK Continue reading "Weekly Futures Recap With Mike Seery" →
