Gold & Silver Prices Plummet;Crude Oil Down Sharply
Precious Metal Futures-- The precious metals were absolutely crushed today with June gold leading the way down over $53 dollars an ounce settle to settle around 1,619 while silver futures were acting as if the plug was pulled finishing down $2.10 an ounce to close around 31.15 and an absolute bloodbath in New York today. Copper futures were killed down 1200 points to close at 381.10 a pound unable to stay above that 395 a pound which is been incredibly difficult resistance to break through. Platinum futures were flattened this afternoon down over $59 dollars to close around 1,601 an ounce while Palladium futures were crushed once again finishing down 26 dollars at 634 in a highly volatile trading session in the precious metals today. As I've stated many times before this is an incredibly choppy market with one day up and one day down and my advice for traders is to sit on the sideline and wait for a better entry which could come at lower prices in my opinion. Silver's next support is around $30 an ounce with gold still around $,1500 an ounce as the next support so we could be in for a wild ride in the next couple of weeks especially with QE3 basically off the table in the eyes of traders.
Grain Futures--- The grain market had another extremely volatile trading session like I've stated in my early-morning blog with soybeans finishing up 5 cents for the May contract close around 14.22 a bushel and soymeal continuing its bullish momentum up another 370 points to close at 390.20 a ton in a wild trading session in Chicago today. Corn futures for May finished unchanged right around 6.58 a bushel and with about 5 minutes left in the trading session were making new lows down 7 cents and then rallied significantly in the May and in the December contract finishing unchanged. Wheat futures for July took it on the chin once again down 19 cents at 6.50 a bushel continuing the choppiest 6 months I have ever seen in wheat in my trading career, it is either straight up or either straight down and traders should avoid this market at this point. The fact that the soybeans ended up 5 cents with silver, gold, oil, gasoline, and the rest the commodity sector getting crushed today tells me that the huge demand and the lack of supply is a real concern which tells me that prices could head much higher especially if the other commodity sectors join the party. .
Energy Futures-- The energies sector today plunged with the rest of the commodity sectors on the fact that QE3 most likely will not be around later this spring causing commodity prices such as metals, energies, and most of the other commodity sectors except for soybeans which continue to make contract highs this afternoon in Chicago go lower because of a stronger dollar. Crude oil futures plummeted to a 7 week low settling lower by $2 dollars at 102.65 a barrel in the June contract while unleaded gasoline which had hit contract highs earlier in the trading session but later plummeted in the day finishing down 500 points to close around 3.3437 a gallon also causing heating oil to finish down over 500 points to close at 3.17 a gallon in an extremely volatile trading session in New York today. Natural gas futures finished down 5 points closing at 2.13 extending a 10 year low with no end in sight due to an incredibly high inventory level with a mild winter and spring causing demand to be lack lustre.
Soft Commodities--- The Soft commodities today were generally lower across the board except for sugar which finished higher by 17 points in the May contract to finish at 24.42 a pound , however cotton futures were pummelled today finishing down 332 points closing right near the lows of the session at 89.328 a bale. The coffee futures rose slightly lower finishing down only by 60 points to close at 184.75 in the May contract, however the real story was earlier in the trading session coffee traded as low as 178.70 pound before rebounding sharply to make a 4 week high which in my opinion is a key reversal to the upside. In my opinion I believe coffee prices have bottomed and I love today's action to the upside and I believe you can play the coffee market on the long side with limited risk remembering my 2% rule of risk management in case the trade goes against you. Cocoa futures plummeted again down another 60 points continued its bearish trend to close in the May contract at 20.83 right near contract lows while lumber futures had an extremely quiet day in Chicago finishing up only 90 points in the May contract close right around 259.70 per board feet.
If you are looking for a futures broker feel free to contact Michael Seery at 800-615-7649 and he will be more than happy to help you with your trading.
There is a substantial risk of loss in futures, futures option and forex trading. Furthermore, Seery Trading is not responsible for the accuracy of the information contained on linked sites.
Grain Futures--- The grain market had another extremely volatile trading session like I've stated in my early-morning blog with soybeans finishing up 5 cents for the May contract close around 14.22 a bushel and soymeal continuing its bullish momentum up another 370 points to close at 390.20 a ton in a wild trading session in Chicago today. Corn futures for May finished unchanged right around 6.58 a bushel and with about 5 minutes left in the trading session were making new lows down 7 cents and then rallied significantly in the May and in the December contract finishing unchanged. Wheat futures for July took it on the chin once again down 19 cents at 6.50 a bushel continuing the choppiest 6 months I have ever seen in wheat in my trading career, it is either straight up or either straight down and traders should avoid this market at this point. The fact that the soybeans ended up 5 cents with silver, gold, oil, gasoline, and the rest the commodity sector getting crushed today tells me that the huge demand and the lack of supply is a real concern which tells me that prices could head much higher especially if the other commodity sectors join the party. .
Energy Futures-- The energies sector today plunged with the rest of the commodity sectors on the fact that QE3 most likely will not be around later this spring causing commodity prices such as metals, energies, and most of the other commodity sectors except for soybeans which continue to make contract highs this afternoon in Chicago go lower because of a stronger dollar. Crude oil futures plummeted to a 7 week low settling lower by $2 dollars at 102.65 a barrel in the June contract while unleaded gasoline which had hit contract highs earlier in the trading session but later plummeted in the day finishing down 500 points to close around 3.3437 a gallon also causing heating oil to finish down over 500 points to close at 3.17 a gallon in an extremely volatile trading session in New York today. Natural gas futures finished down 5 points closing at 2.13 extending a 10 year low with no end in sight due to an incredibly high inventory level with a mild winter and spring causing demand to be lack lustre.
Soft Commodities--- The Soft commodities today were generally lower across the board except for sugar which finished higher by 17 points in the May contract to finish at 24.42 a pound , however cotton futures were pummelled today finishing down 332 points closing right near the lows of the session at 89.328 a bale. The coffee futures rose slightly lower finishing down only by 60 points to close at 184.75 in the May contract, however the real story was earlier in the trading session coffee traded as low as 178.70 pound before rebounding sharply to make a 4 week high which in my opinion is a key reversal to the upside. In my opinion I believe coffee prices have bottomed and I love today's action to the upside and I believe you can play the coffee market on the long side with limited risk remembering my 2% rule of risk management in case the trade goes against you. Cocoa futures plummeted again down another 60 points continued its bearish trend to close in the May contract at 20.83 right near contract lows while lumber futures had an extremely quiet day in Chicago finishing up only 90 points in the May contract close right around 259.70 per board feet.
If you are looking for a futures broker feel free to contact Michael Seery at 800-615-7649 and he will be more than happy to help you with your trading.
There is a substantial risk of loss in futures, futures option and forex trading. Furthermore, Seery Trading is not responsible for the accuracy of the information contained on linked sites.
