Weekly Futures Recap With Mike Seery

Gold Futures

Gold futures in the December contract settled last Friday in New York at 1,462 while currently trading at 1,466 up about $4 for the week. However, ending the week on a sour note as all of the interest still lies in the S&P 500, which is hitting another all-time high as money flows continue to come out of gold.

At the current time, I do not have any precious metal recommendations, but I do believe gold prices are headed lower as I see no reason to be a buyer as prices are right near a 3 1/2 month low. Gold prices are trading under their 20 and 100 day moving average as the trend is to the downside, and if you take a look at the daily chart, the down trend line also remains intact as optimism about a trade deal with China continues to depress prices in the short-term.

The 10-year note is currently yielding 1.90% as that has rallied from 1.30% just a couple of months ago and that is also another negative after towards gold prices so if you are short stay short in my opinion so place the stop-loss above the 10-day high which stands at 1,517 as an exit strategy.

TREND: LOWER
CHART STRUCTURE: IMPROVING
VOLATILITY: AVERAGE

S&P 500 Futures

The S&P 500 in the December contract settled last Friday in Chicago at 3090 while currently trading at 3112 up about 22 points for the trading week, hitting another all-time high as the gravy train continues and I still believe it will continue throughout the holiday season. Continue reading "Weekly Futures Recap With Mike Seery"

Weekly Futures Recap With Mike Seery

Silver Futures

Silver futures in the December contract is trading higher for the 2nd consecutive trading session ending the week on a positive note up 40 cents at 18.20 an ounce after settling last Friday in New York at 17.57 up about 63 cents for the week hitting a four week high.

Dovish comments Thursday from ECB President Draghi bolstered the outlook for additional ECB stimulus measures, which was positive for the precious metals when he said the incoming data confirm "protracted weakness of the Eurozone economy.

I am recommending a bullish position if prices close above 18.00 while then placing the stop loss under the 10-day low standing at 17.18 as the risk is around $2,050 per 2 mini contracts plus slippage and commission as this market looks to test the contract high at 19.75 in my opinion.

I also have a bullish recommendation in copper as the whole sector looks to move higher. Silver prices are trading above its 20 and 100-day moving average as the trend has turned to the upside, so play this higher while making sure that you risk 2% of your account balance on any given trade.

TREND: HIGHER
CHART STRUCTURE: SOLID
VOLATILITY: HIGH

Continue reading "Weekly Futures Recap With Mike Seery"

Weekly Futures Recap With Mike Seery

S&P 500 Futures

The S&P 500 futures in the December contract settled last Friday in Chicago at 2970 while currently trading at 2993 up about 23 points for the week as this market looks to move higher, in my opinion, however, I'm currently not involved.

The S&P is trading above its 20, and 100-day moving average as the trend has turned higher. However, the chart structure is poor at the current time. Therefore, the risk/reward is not in your favor. Still, I am not recommending any short position as I do think going into the holiday season prices will hit all-time highs.

We are in the midst of earnings season as that will undoubtedly dictate short-term price action, and so far, the earnings have been very solid as the U.S economy by far is the best in the world. If you take a look at the daily chart, there is major resistance at the 3000 level, and if we can close above that area, I think prices could be off to the races as extremely low-interest rates are also helping to support stock prices at this time.

TREND: HIGHER
CHART STRUCTURE: POOR
VOLATILITY: AVERAGE

Continue reading "Weekly Futures Recap With Mike Seery"

Weekly Futures Recap With Mike Seery

Gold Futures

Gold futures in the December contract settled last Friday in New York at 1,512 an ounce while currently trading at 1,483 down nearly $30 for the trading week as prices look to head lower in my opinion as I see no reason to own gold at this time.

The U.S. stock market is up nearly 500 points today as a possible Chinese trade agreement could be at hand later this afternoon. If the market likes that situation, gold prices could drop significantly, in my opinion. Gold prices are trading under their 20-day but still above their 100-day moving average, however, if you look at the daily chart, the downtrend line remains intact as I think the only precious metal that will continue to rally is palladium.

The next major level of support is around the 1,450 level, and I think that will be touched possibly in next week's trade. The money will start to come out of the precious metals due to the trade agreement and then will begin to enter into the U.S. equity market. However, at the current time, I am not involved. Still, I do have a bearish bias to the downside.

Volatility in gold will remain high as if you have to remember part of the rally that we witnessed over the last several months was due to the Chinese problem and if that situation is eradicated, there's no reason to be involved in gold.

TREND: LOWER
CHART STRUCTURE: IMPROVING
VOLATILITY: HIGH

Continue reading "Weekly Futures Recap With Mike Seery"

Weekly Futures Recap With Mike Seery

Platinum Futures

Platinum futures in the January contract settled last Friday in New York at 936 while currently trading at 886 down nearly $50 for the week as prices are right near a 5 week low.

I do not have any recommendations out of the precious metals sector, but historically speaking, platinum prices look very cheap. I will wait for the chart structure to improve. Therefore, the risk/reward would be more in your favor, so be patient as I will not take a short position.

The S&P 500 has experienced a wild ride to start the month as the volatility in that market is extremely high, and that is also influencing platinum prices. But if you take a look at the daily chart, prices are right near major sport as historically speaking platinum is incredibly cheap, especially compared to gold and palladium.

The trend at the current time is negative with the next major level of support around the 850 level as I will keep a close eye in the coming weeks ahead for a bullish position as the precious metals I believe are still in a longer-term bullish trend.

TREND: MIXED - NEGATIVE
CHART STRUCTURE: IMPROVING
VOLATILITY: AVERAGE

Continue reading "Weekly Futures Recap With Mike Seery"