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
