gold, page-45072

Are Gold Prices Going To $1,100 ?

Michael Seery - Seery Futures - Fri Aug 17, 12:39PM CDT


Gold Futures---Gold futures in the December contract is currently trading at 1,187 an ounce after settling last Friday in New York at 1,219 down about $32 for the week while trading as low as 1,167 in Thursdays trade before profit-taking took place pushing prices back up to today's levels.
If you have read any of my previous blogs you understand that I am bearish all of the precious metals across the board & if you are short place the stop loss above the 10 day high which now stands at 1,226, however the chart structure will not improve for another 4 trading sessions as I still believe we will retest major support around the 1,125 level in the coming weeks ahead.
The U.S dollar is down about 30 points today trading lower for the 2nd consecutive session, but that still remains in a bullish trend as that has been the main culprit for gold prices coupled with the fact that there is very weak demand and very little interest at the current time.
Presently I am also recommending a bullish S&P 500 trade which is unchanged today, but still remains strong as money flows continue to go into U.S equities & out of the precious metals as I see no reason to own gold and no reason to try and bottom fish and take a bullish position at this time as that would be counter trend trading which is very dangerous in the long run.
Silver prices this week also hit a contract low & remains weak as that is also putting pressure on gold as these trends are getting stronger on a weekly basis and I still think there is one more leg to the downside ahead.