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Why are all these market factors calling for caution? Bruno Estier, Independent Market Strategist Related Posts:GBP/USD. November 3rd. The Bank of England takes a second… November 3, 2023 On the hourly chart, the GBP/USD pair confirmed yesterday’s close…Bank of Canada to likely stay on pause after dip in… October 23, 2023 BoC expected to hold […]

It’s been a crazy end to the week with the results from the Brexit vote in and that means it is time for a heads up from our trading partner Michael Seery. We’ve asked him to give our readers a recap of the this weeks futures markets and give us some insight on where he sees these markets headed. Mike has been a senior analyst for close to 15 years and has extensive knowledge of all of the commodity and option markets. 

Crude oil futures in the August contract settled last Friday in New York at 48.56 a barrel while currently trading at 47.71 down about $1 for the trading week while selling off $2.50 this Friday afternoon. The U.S dollar is up over 200 points putting pressure on oil and the commodity sector as a whole. Crude oil prices are trading below their 20 day but still above their 100 day moving average telling you that the short term trend is mixed as I’m currently sitting on the sidelines looking for a possible short entry in next week’s trade. Crude prices are retesting last week’s low as a possible top has been created as the Brexit situation is spooking many different markets including stock markets around the world as demand could start to wane over the next several months. The commodity markets do not like uncertainty and no one really knows how this Brexit situation will develop, but I always look at risk/reward scenarios as I do think prices may have topped out in the short term so be patient and wait for the entry criteria to come about. If a short position is initiated the risk is around $1,700 which is too much in my opinion so are going to have to be patient and wait for the chart structure to improve so keep a close eye on this market.
Trend: Mixed
Chart Structure: Improving

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Gold futures in the August contract settled last Friday in New York at 1,295 an ounce while currently trading at 1,319 up about $25 for the trading week while skyrocketing this afternoon by $55 all due to the Brexit situation which is pouring money back into the precious metals. At present, I’m sitting on the sidelines in the gold market as the chart structure never met my criteria to enter into a bullish position. However, I am recommending a bullish position in the silver market which is also up about $.50 today as I do think the precious metals are headed higher. Gold prices are trading above their 20 and 100 day moving average telling you that short term trend is higher. The commodity markets, in general, are very weak as all of the interest is back into the precious metals which is used as a flight to quality despite the fact that the U.S dollar was up over 200 points this afternoon. Gold prices are trading at a 2 year high as I do think this trend will continue as stock markets around the world are sharply lower as interest in gold certainly has come back like it was in 2011 when prices traded as high as $1,900 an ounce. Negative interest rates around the world continue to support the gold market and that situation is not going to change as the United States Federal Reserve certainly will not be raising rates in 2016 in my opinion.
Trend: Higher
Chart Structure: Poor

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The U.S dollar is sharply higher this Friday afternoon trading at 95.53 up 200 points reacting sharply to the Brexit situation as the UK has exited the EU sending the dollar up 300 points over the last 2 trading sessions. At present, I’m sitting on the sidelines in this market as the chart structure is terrible as I’m advising clients to avoid this market currently as volatility is extremely high, but in my opinion, it certainly does look like the U.S dollar has bottomed in the short term. The dollar is affecting many commodities to the downside as nobody wants to hold money in Europe at this point as a flight to quality is taking place. I think that’s going to stay for several more weeks until the dust settles so look at other markets that are beginning to trend with better chart structure as the 10 day low is $3,000 away which does not meet my criteria to enter into a new bullish position. The U.S dollar is trading above its 20 and 100 day moving average telling you that the short term trend is higher so do not sell this market as that would be counter trend trading which is very dangerous over the course of time in my opinion.
Trend: Higher
Chart Structure: Poor

Get more of Mike Seerys call on commodities this week….Just Visit Here

Our trading partner Don Kaufman is back this week with another great free webinar on Tuesday evening at 8 p.m. est. And Don is cutting through the BS….literally. He is calling this weeks live presentation a “No BS Guide to Making Money Trading”.

Get Your Reserved Spot Here and Now

During this free webinar you will learn….

• Why options are NOT all about market direction and timing. How you can give yourself the gift of time without paying extra so you can give your trade as much time as it needs

• Why volatility is not the account killer the media portrays it to be. How you can create a trade with zero exposure to volatility so you never have to worry about volatility again.

• The myth that options are risky. How you can set your limited risk before you put on the trade so you know exactly what you’re risking. Making this strategy the safest way to trade.

• Why you don’t need a lot of money to trade. How you can generate big returns from small moves in a stock

• How you can use this strategy whether you have a $2,000 account or a 6 figure account

Our trading partner Don Kaufman is treating us to a free trading webinar this Tuesday evening March 29th at 8 p.m. est. Don’t put off reserving your spot since Don and his team are only opening up this up for 1,000 traders.Reserve Your Spot HereDuring …