Gold Prices Continue Bearish Trend
Michael Seery of Seery Futures - - Wed Jul 11, 12:08PM CDT

Gold Futures----Gold futures in the August contract are trading lower for the 2nd consecutive session down $6 an ounce at 1,249 as the bearish trend in gold and the precious metals continue to head lower on a weekly basis as I still have a bearish bias towards this commodity as I see no reason to own gold at the present time.

If you are short a futures contract the chart structure has improved tremendously as I would place the stop above the 10 day high which occurred last Friday at 1,267 as an exit strategy as I still think we could retest the July 3rd low around 1,238 this week as the Trump tariff war seems to be escalating with China as 200 billion more was announced yesterday sending the entire commodity sector lower across the board.

Silver prices have broken the $16 level while copper prices are down another 1000 points completely falling out of bed over the last several weeks so if you are short stay short as I'm certainly not recommending any type of bullish position at this time. Gold prices are trading below their 20 and 100 day moving average as the trend is to the downside and if 1,238 is broken I think we could test the 1,200 rather quickly as the volatility is starting to increase, however all of the interest still remains in the U.S equity market which is slightly lower today but still remains in a bullish trend.




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