Crazy Trading Session In Gold

Crazy Trading Session In Gold
Crazy Trading Session In Gold

  Gold Futures—One of the craziest days I have ever witnessed as gold futures last night rallied nearly $40 an ounce trading as high as 1,613 an ounce while currently trading at 1,574 unchanged for the trading session as Iran sent multiple missiles to a U.S base in Iraq sending sheer panic across the board.

The S&P 500 was down nearly 50 points and now is trading higher as everything has reversed as I’m currently sitting on the sidelines as I exited my gold position on Sunday night around the 1,580 level as I think a possible short-term top may have developed.

Gold prices hit a 7 year high trading far above their 20 and 100 day moving average as I’m certainly not recommending any type of bearish position as I still think the situation with Iran is way overblown as I will be patient as I still think the 1,550 level could be at hand soon. At the current time I do have bullish silver & platinum recommendations as I think the whole sector moves higher, however I think gold is in overbought territory so be patient.

TREND: HIGHER

CHART STRUCTURE: POOR

VOLATILITY: HIGH

 

 

If you are looking to contact Michael Seery (CTA—COMMODITY TRADING ADVISOR) at 1-630-408-3325 I will be more than happy to help you with your trading or visit www.seeryfutures.com

 

TWITTER—@seeryfutures

FREE TRIAL FOR THE LIMIT UP COMMODITY NEWSLETTER

Email: mseery@seeryfutures.com

If you’re looking to open a Trading Account click on this link www.admis.com

 

There is a substantial risk of loss in futures and futures options. Furthermore, Seery Futures is not responsible for the accuracy of the information contained on linked sites. Trading futures and options is Not appropriate for every investor.