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 in the December contract had a wild trading session this Friday afternoon in New York trading as low as 1,146 down over $20 only to explode higher finishing up $29 to close around 1,190 in one of the wildest trading days I can remember, as prices hit a 2 week high. If you are currently short this market I would exit at the 10 day high which occurred today so currently I’m neutral this market sitting on the sidelines as I still think gold prices are headed lower for the remainder of 2014 as money flows will continue into the S&P 500 in my opinion, however when prices hit a 2 week high it’s time to move on and sit on the sidelines and wait for another trend to develop. The U.S dollar was sharply higher this morning which caused precious metal prices to be sharply lower in early trade, however the U.S dollar sold off somewhat closing up around 20 points as massive short covering in my opinion is what’s to blame for today’s price action. The trend now in gold is choppy to neutral as volatility is extremely high at the current time so make sure you use the proper amount of contracts making sure that you risk 2% of your account balance on any given trade as 1,200 is the next resistance level in the December contract.
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