Weekly Gold futures Recap

From our trading partner Mike Seery.....

Gold futures this week saw extremely volatile trade finishing out this Friday afternoon up $14 at 1, 387 an ounce and traded as low as 1,358 this morning before the U.S unemployment report came out showing we added 169,000 new jobs which was disappointing to traders thinking that the Federal Reserve will not taper pushing many commodities higher this afternoon. Tensions in Syria as well are starting to flare up as it looks like Pres. Obama is determine have some type of strike against Syria which also lent support to prices this afternoon as gold is kind of stuck in a range between 1,430 & 1,350 looking for some new fundamental news to dictate short term prices.

I’m still advising traders to be long the gold market with either some type of bull call spread limiting your risk to what the premium costs or if you’re a futures trader possibly be long the mini contract or big contract depending on account size as I do think worldwide problems are here to stay and there might be a real need to own gold once again. The chart structure in gold is very good; however this is a high risk trade as you’re having $30 to $50 swings on the daily basis so you must respect money when you’re trading this market because of the high risk at the present time.

TREND: HIGHER –CHART STRUCTURE: EXCELLENT –RISK--HIGH

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