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Weekly Futures Recap With Mike Seery

Posted on by 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
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Weekly Futures Recap With Mike Seery

Posted on by 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
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Weekly Futures Recap With Mike Seery

Posted on by Mike Seery

Crude Oil Futures

Crude oil futures in the November contract is trading lower for the 4th consecutive session after settling last Friday in New York at 58.09 while currently trading at 55.55 down about $2.50 for the trading week as prices have now hit a 10-day low.

If you take a look at the daily chart, the price gap that was created on September 16th has been filled in today's trade, and if you have been following any of my previous blogs, you understand that I do not like price gaps as they generally are filled just like what has occurred in oil.

Crude is now trading below its 100-day moving average as I am currently not involved as the volatility is too high as I'm advising clients to avoid the entire energy sector at this time.

Oil prices are at major support as this market has been incredibly choppy over the last 5 months as fundamentally speaking the main reason for the depressed prices over the last week is due to resumption of Saudi crude capacity from the Sep 14th attacks on its oil installations after Saudi Aramco said Tuesday that its total crude production capacity now exceeds 11.0 million barrels per day which is a week ahead of schedule.

TREND: LOWER - MIXED
CHART STRUCTURE: POOR
VOLATILITY: HIGH
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Weekly Futures Recap With Mike Seery

Posted on by Mike Seery

Silver Futures

Silver futures in the December contract ended the week on a sour note down $0.42 at 17.75 after settling last Friday at 18.11 an ounce as prices are near a 3 week low. I have been recommending a bullish position over the last several months from the 14.93 level originally in the September contract as it is time to exit and move on as prices are right near a 3 week low as the trend in the short-term has changed.

Silver futures are trading below their 20-day but still above their 100-day moving average as all the interest has come back into the U.S stock market which is right near another all-time high as money flows are entering equities and out of the metals.

If you are a longer-term investor, I would still hold on to silver as I still believe prices are cheap historically speaking as this is just the pullback as I will not take a short position as I think the downside is minimal.

I do not have any recommendations in the precious metal as I think this is a pause as we will probably witness a consolidation over the next couple of weeks, but I still believe prices will head into the $20 range come year-end, but it is time to move on and exit.

TREND: MIXED
CHART STRUCTURE: POOR
VOLATILITY: HIGH
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Weekly Futures Recap With Mike Seery

Posted on by Mike Seery

Gold Futures

Gold futures in the December contract is currently trading at 1,523 an ounce after settling last Friday in New York at 1,529 down slightly for the trading week experiencing high volatility as I am currently not involved, but I do have a bullish silver position which has been mirroring gold to the upside.

If you are long a futures contract, I would place the stop loss under the 2 week low standing at 1,503, however for the bullish momentum to continue prices have to break the September 4th high of 1,566 in my opinion.

Trade talks between the United States and China will begin once again in October as that put pressure on gold prices in yesterday's trade also sending the stock market sharply higher as money flows entered equities and out of the precious metals which have been used as a flight to safety.

In my opinion, I still believe gold and silver will continue their bullish trends as negative interest rates around the world will continue to support the precious metals sector as interest rates are going to remain extremely low for a long time as I see no reason to be short gold.

TREND: HIGHER
CHART STRUCTURE: SOLID
VOLATILITY: HIGH
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