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 New York this week were slightly higher settling at 1,288 after rallying $20 in yesterday’s trade as renewed optimism about the Federal Reserve continuing its quantitative easing for years to come pushing prices sharply higher after hitting a 5 week low down at 1,260 earlier in the week still continuing its downtrend in my opinion. The next major support is at 1,251 and if that level is broken you would have to think that prices will go down & retest the June lows of 1,180 but this market has been resilient when it looks its worst it has a tremendous rally & when it looks really good it has a tremendous sell off so at this point I would advise sitting on the sidelines and wait for a breakout to occur below 1,251 before entering to the downside as demand has hit a 4 year low as investors continue to pour money into the stock market and continues to sell gold and the precious metals and that is why you see the divergence between the S&P 500 and gold prices. Gold is trading far below its 20 and 100 day moving average which tells you that the trend in the short term is lower but this market has been very choppy for quite some time so look at some other commodities like the S&P 500 because a trendy market is much easier to make money then a choppy market.
TREND: LOWER
CHART STRUCTURE: EXCELLENT Continue reading "Weekly Futures Recap With Mike Seery"
I started in the commodities business as a broker for a company called Conti Commodity Services. Conti was a division of Continental Grain Co. one of the largest and oldest grain companies in the world. Back in the 70s, Conti was just starting a new division to handle customers in the brokerage business. I was lucky enough to have them hire me as I had no experience and very little education. But, I was enthusiastic and willing to learn.