Tag: gold futures

Weekly Futures Recap With Mike Seery

Posted on by The INO.com Team

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 August contract went out last Friday at 1,274 exploding this week settling around 1,316 up about $42 and all that activity was in Thursday’s trade as prices traded up over $40 due to the craziness that’s going on in Iraq and the fact that the entire country basically imploded in weeks after the U.S spent almost $1 trillion and 4,500 deaths Iraq is worse off today than it was 10 years ago as investors finally woke up and started buying the gold market. Gold futures are trading above their 20 and 100 day moving average hitting a two-month high and as a trend follower I have to believe that prices are going higher however at the current time I am on the sidelines due to the fact that there is terrible chart structure so I’m waiting for a better chart pattern to develop.

The problem with Iraq is the situation is not going to go away like the Syrian problem as this is going to be around for years to come and could spread into other countries and don’t forget the fact that Iran is developing a nuclear bomb which is amazing to me how no country has stopped that production and that will be a huge problem down the road as well as interesting times are back in the precious metals as volatility certainly looks like it’s going to increase to much higher levels.
TREND: HIGHER
CHART STRUCTURE: POOR

Continue reading "Weekly Futures Recap With Mike Seery" →

Weekly Futures Recap With Mike Seery

Posted on by The INO.com Team

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 August contract settled last Friday at 1,252 an ounce while going out in New York today Friday the 13th at 1,274 an ounce trading higher by over $20 an ounce bucking its recent bearish trend. Currently I’m sitting on the sidelines and waiting for another trend to develop as the reason gold snap backed was in the last couple days 2 major cities in Iraq have been taken over by Al Qaeda and it’s a possibility that Baghdad is next bringing the possibility of U.S troops once again sending crude oil and the precious metals higher today. Gold is trading above its 20 day but still below 100 day moving average which stands at 1,296 so keep a close eye on this market as there’s a possibility prices may have bottomed in the short term due to the geopolitical risk. If you believe that prices have bottomed my recommendation would be to buy at today’s price while placing my stop below the recent low of 1,240 risking around $3,300 per contract in case the trend does change and if the Iraqi situation really flares up gold prices would move sharply higher in the short term just on short covering alone. The volatility in my opinion will start to increase over the next several months as it has remained low for some time now so you might want to look at put or call options because the premiums are relatively cheap.
TREND: MIXED
CHART STRUCTURE: IMPROVING

Continue reading "Weekly Futures Recap With Mike Seery" →

Weekly Futures Recap With Mike Seery

Posted on by The INO.com Team

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 August contract traded in a very tight and narrow trading range this week going out last Friday at 1,246 and settling this Friday at 1,251 up about $5 for the week, however I’m still recommending a short position when prices broke below 1,267 placing your stop loss above the 10 day high which currently stands at 1,290 risking around $40 or $4,000 per contract from today’s price levels. Gold futures are trading below their 20 and 100 day moving average telling you that trend is lower as major support is at 1,240 and if that level is broken I would think you have to retest 1,200 as the same old story continues with the S&P 500 hitting all-time highs once again as money is coming out of the gold sector into equities and I think that trend is going to continue especially with low interest rates staying around for quite some time. At the current time there are no geopolitical events that one must rush into the gold market with the stock market continuing its trend higher it’s difficult for gold to rally at this time so I do see lower prices ahead but make sure you do place your stop loss at the 2 week high in case the trend does change as an investor or trader you always must have an exit strategy.
TREND: LOWER
CHART STRUCTURE: IMPROVING

Continue reading "Weekly Futures Recap With Mike Seery" →

Weekly Futures Recap With Mike Seery

Posted on by The INO.com Team

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 August contract finished down for the 5th straight trading session finishing lower by 45 dollars this week at 1,245 an ounce continuing its bearish trend trading below its 20 and 100 day moving average as I remain bearish gold prices as I think there’s a high probability of a retest of 1,200 and if that level is broken look at a re test near the contract low of 1,180 as prices look very bearish in my opinion. You have to ask yourself at this time would you rather own gold or stocks as investors are choosing to sell their gold and are buying stocks and it seems like on a daily basis. The problem with gold right now is everybody’s buying the S&P 500 which hit another all-time high today as there is a very little interest in purchasing gold at the current time especially with bond yields continuing to move lower as the money is going into bonds and stocks and out of gold. Gold futures are still higher by about $60 in the year 2014 but traded as high as 1,390 earlier in the year and has given back much of this year’s gains that it had and I do think the trend continues to the downside and if you took my original recommendation place your stop above the 10 day high minimizing risk in case the trend does change. Gold is famous for having large washout days meaning it will sell off $50 in one day and volatility will spike as I said in yesterday’s blog & I sense one of those days is coming as the trend seems to be getting stronger.
TREND: LOWER
CHART STRUCTURE: SOLID

Continue reading "Weekly Futures Recap With Mike Seery" →

Chart of The Week - Gold

Posted on by The INO.com Team

Each Week Longleaftrading.com will be providing us a chart of the week as analyzed by a member of their team. We hope that you enjoy and learn from this new feature.

Further Downside Expected as Gold Finally Chooses Its Direction

This week's market focus turns to August Gold futures, where a break out of recent consolidation may have finally determined the near term direction of Gold. The week starts out extremely bearish for Gold as the stock market continues to establish new all-time high levels. Recent economic numbers that have missed the mark have provided additional confidence to stock market investors that FED support will continue in the stock market. Optimism that stocks can continue their higher track has taken away from the safe haven appeal of gold.

Over the past month, August Gold futures have consolidated into a very tight range as the market has been deciding on its future direction. As of this morning the direction looks to be a sell off for the foreseeable future. With a break of the recent pennant pattern at $1285, the next downside target will be $1240. A close below $1280 in today’s session would confirm a further potential downside move over the coming months.

To take advantage of this downside continuation, I would look to purchase August put option strategies in gold that would take advantage of the next potential continuation move to $1240, while allowing roughly 2 months for the strategy to work. These strategies would expire on July 28th. Per strategy used, we would look to keep the maximum exposure in the market to $500 and the maximum profit potential to $2,500.

I advise clients on trading futures and futures options markets on a day to day basis. If you have any questions regarding this chart or questions regarding trading futures and futures options, feel free to call me directly at 888-272-6926.

Thank you for your interest,
James Leeney
Account Executive
Phone: (888) 272-6926
www.longleaftrading.com

** There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data contained in this article was obtained from sources considered reliable. Their accuracy or completeness is not guaranteed. Information provided in this article is not to be deemed as an offer or solicitation with respect to the sale or purchase of any securities or commodities. Any decision to purchase or sell as a result of the opinions expressed in this article will be the full responsibility of the person authorizing such transaction.