Where Are Gold Prices Going?

15 Aug in Blog, commodity consulting, commodity trading, copper futures, futures broker, gold futures, Michael Seery, options broker, palladium futures, platinum futures, Seery Futures.com, silver futures

Gold Futures--- Gold futures in the December contract went out on a sour note this Friday afternoon in New York trading down $20 at one point before rallying on tensions in Ukraine only to trade lower by 7 dollars an ounce currently trading at 1,308 an ounce after settling last Friday 1,311 as there is currently no trend in this market as prices are trading below their 20 day still right at their 100 day moving average so continue to keep an eye on this market but sit on the sidelines as choppy markets are very difficult to trade. The problem with gold is that the U.S dollar continues its bullish momentum to the upside which is bearish commodity prices especially the precious metals so if you are bearish this market my advice would be to sell today’s price while placing your stop above the 10 day high which is around 1,325 risking around $17 or $1,700 per contract and if prices break 1,280 there could be a possible retest of 1,240 which was hit in early June as the trends in many of the commodities continue to go lower as deflation especially in Europe is occurring not inflation. TREND: MIXED –CHART STRUCTURE: EXCELLENT

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