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.
Precious Metal Futures—The precious metal futures ended lower this Friday afternoon with gold finishing down about $7 an ounce at 1,322 after settling last Friday at 1,293 up about $30 for the week which is pretty solid and I have been recommending buying gold when it broke out to a 4 week high above 1,302 and I still think gold has more room to run on the upside but make sure you do place a stop loss at the 10 day low if you are long the futures contract to try & minimize risk in case the trend does change. Gold futures are right at the uptrend line and if that is broken I think prices could head up to $1,400 here in the next month but I would be very suspicious & doubt if it has any more legs to pass those levels. The U.S dollar has been down substantially in recent weeks and that is helped push gold and silver prices higher as well as many hedge funds have taking profits on their short positions in recent weeks. Continue reading "Weekly Futures Recap W/Mike Seery"
