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 continued its bearish trend trading lower for the 4th consecutive session hitting a fresh 7-month low trading at 1,270 an ounce. I still see no reason to own this commodity as the NASDAQ 100 hit another all-time high this week and all of the interest lies in the equity market, not gold. In my opinion, if you are short a futures contract stay short as the next level of support is around 1,260 which could be tested in tomorrows trade. I still think we could retest the December 12th low of 1,251 & if that occurs prices could head down to the 1,200 level as a strong U.S dollar continues to impact gold prices as that market is also hovering right near an 11 month high & looks to even move higher in my opinion. Gold futures are trading under their 20 and 100-day moving average telling you that the short-term trend is lower and if you're short a futures contract continue to place the proper stop above the 2-week high standing at 1,313 as the chart structure will start to improve in next week's trade, therefore, lowering the monetary risk. I am certainly not recommending any bullish position as that would be counter-trend trading as this market is getting stronger to the downside on a weekly basis.
TREND: LOWER
CHART STRUCTURE: POOR
VOLATILITY: INCREASING
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 are ending the week on a sour note down $26 an ounce currently trading at 1,284 filling the gap that I've talked about in previous blogs that occurred on December 21st at 1,284 as this market has now hit a 6-month low. The U.S. dollar continues to hover around its contract high as that's the main culprit for depressed prices as gold continues its bearish momentum in 2018 also pushing silver prices down $0.60 this afternoon as that is my only precious metal recommendation at the current time. Gold futures are trading under 20 and 100-day moving average telling you that the trend is to the downside breaking out of a 4-week consolidation as the volatility certainly has expanded as the entire commodity markets across the board today are lower as the Trump tariffs talks are throwing a wrench into the closet and who knows how this situation is going to end up. The next major level of support stands at 1,260 as there is still room to run to the downside in my opinion as all of the interest still remains in the U.S. equity market which is also lower today, however the NASDAQ 100 did hit all-time highs once again this week as money flows continue to come out of gold and into stocks as I don't see that situation changing as I still believe the stock market will remain strong for the rest of this year.
TREND: LOWER
CHART STRUCTURE: SOLID
VOLATILITY: INCREASING
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 future prices in the August contract is currently trading at 1,303 an ounce still stuck in a 3-week tight consolidation pattern. I am not involved in this market, but I do have a bullish bias toward silver and the copper market which is higher once again today. Volatility in gold is extremely low as we are right near major support on the daily chart. However, one thing that does concern me is that there is a price gap around 1,280 which was hit in late December 2017. I don't like gaps as they are generally filled so be patient and let's see if that situation occurs. Gold prices are still trading under their 20 and 100-day moving average as the short-term trend is to the downside. The U.S. dollar is still hovering right near a 5-month high and has been the main culprit for depressed gold prices as all of the interest remains in the U.S. equity market which is right near another all-time high today as money flows continue to go into that sector and out of gold. The highly anticipated summit between North Korea and the United States is next week and tensions have eased as there is a possibility that North Korea could end their nuclear program. If that is the case, you would probably have to think that gold prices would head lower in the short term, however, avoid this commodity and look at other markets that are beginning to trend.
TREND: MIXED
CHART STRUCTURE: IMPROVING
VOLATILITY: LOW
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.

Copper Futures

Copper futures in the July contract settled up 130 points for the week currently trading at 3.0755 a pound now trading in the middle of the 4-week consolidation as prices look to have bottomed out in my opinion. At the present time I'm sitting on the sidelines waiting for a 4 week high to occur as we continue to bounce off major support at the 3.00/3.05 level as copper prices have hung in there despite the fact that the U.S dollar continues to trade higher on a daily basis hitting a 5-month high in today's trade as strong demand due to a very robust housing market which continues to keep prices relatively strong. Copper is trading above their 20-day moving average but still below their 100-day which stands at 3.15 as I will be patient and wait for the breakout to occur while waiting for the risk/reward to become in your favor as we will not be involved until next week's trade most likely so keep a close eye on this market as I do think these prices are bottoming out. The entire precious metal sector has been on the defensive in 2018 despite the fact that crude oil prices hit a 4-year high today and the rest the commodities have started to come to life as I think that will start to bleed into the copper sector especially if the U.S dollar starts to top out as the volatility still remains relatively low for such a historically volatile commodity as I don't think that will last much longer.
TREND: MIXED
CHART STRUCTURE: IMPROVING
VOLATILITY: HIGH
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.

Crude Oil Futures

Crude oil futures in the June contract is currently trading lower by $0.15 at 71.35 a barrel after hitting a fresh 4-year high earlier in the week at 72.30 as profit-taking has come about. However, this market remains bullish in my opinion. If you are long a futures contract continue to place the stop loss under the 2-week low standing at 67.63 as you will have to roll over into the July contract in the next couple of days as the stop loss will be changed, but I do think higher prices are ahead. One of the main reasons why this market has turned bullish is the fact that Venezuela has turned into a complete nightmare as that socialist country has utterly imploded over the last several months as they are not producing near as much oil as they used to, therefore, supply concerns in the short term are at hand. If you take a look at heating oil and unleaded gasoline they are both hitting multi-year highs in today's trade as the whole sector is extremely bullish so continue to play this to the upside & if you're not involved in the market wait for some profit-taking before entering into a bullish position, therefore, lowering the monetary risk. Oil prices have probably been the strongest trend in 2018 as we are trading far above their 20 and 100-day moving average as the volatility remains relatively low except for last week when President Trump revoked the Iranian deal as the fundamental and technical picture remains bullish in my opinion so stay long & continue to place the proper stop loss.
TREND: HIGHER
CHART STRUCTURE: IMPROVING
VOLATILITY: LOW
Continue reading "Weekly Futures Recap With Mike Seery" →