
Gold Futures—Gold futures in the April contract is higher by $28 at 1,648 an ounce or 1.71% after settling last Friday in New York at 1,586 up about $63 for the week higher for the 7th consecutive session while also hitting a 7-year high.
Presently I have bullish recommendations in platinum and silver as the whole sector looks to move higher in my opinion. If you are long a futures contract I would continue to place the stop loss at major support standing at 1,550 as this trend is real and very strong to the upside as I see absolutely no reason to be short gold.
Fundamentally speaking concern that the coronavirus is spreading outside of China undercut stock prices and boosted the safe-haven demand for precious metals coupled with the fact on lower Chinese interest rates in the wake of the recent move by the People’s Bank of China (PBOC) to cut rates by -10 bp on various bank loans and repo operations.
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.