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 June contract are currently trading at 1,286 an ounce after settling last Friday in New York at 1,288 basically unchanged for the trading week as I am not involved in the gold market as prices remain right near contract highs due to tensions between North Korea and the United States coupled with the fact of a weaker U.S dollar in recent weeks. Gold prices are still trading above their 20 and 100-day moving average telling you that the short-term trend is higher as we are ending the week on a positive note up about $4 as 1,300 is the main resistance and if that is broken I think we could go to levels before the U. S. election around 1,330 an ounce. At the current time I don't have any precious metal recommendations as silver is right near a 2 week low, but there is demand for gold as there is so much uncertainty in the world at this time and if you are bullish a futures position I would place the stop loss under the 10-day low standing at 1,248 which is still $40 away as the chart structure is not solid at the present time, as I do expect volatility to increase in the coming weeks as well.
TREND: HIGHER
CHART STRUCTURE: IMPROVING
Continue reading "Weekly Futures Recap With Mike Seery" →