All eyes are on the FOMC statement at 2PM EST. Then the press conference. The market widely expects the Fed will say that it's going 25 basis points. Then the question is, what will the Fed say in the press conference? I think the Fed Chair will open the door for another 25 points after that, but not be committed. After this, we get an open window of almost eight to nine weeks before the next meeting.
The gold market has come up to the resistance point of the 18-week average. For the market to be bullish, it has to get over 1971.30 and close over that number on a weekly basis and prove it's not just a flash in the pan and fall back under it right away. You're $5 from there.
About the author
LINN & Associates
Over the past 35-years Ira Epstein has developed a reputation for providing clients with easy to use technology and teaching good old fashioned trading know-how. A number of our brokers have over 30-years trading experience. No matter how technology changes the methods of entering orders, there's no replacement for having "been there and done that before". It's the blend of services that brings things together.
Be it education, market information or trading platforms, we provide solutions.
Ira began in the futures markets in 1969. Over the years he worked his way up, starting from the ground up as a "floor runner" culminating with his becoming a Floor Trader. In the mid 1970s Ira decided to make a career shift within the industry to develop both retail and commercial based clientele. His customer base grew to the point whereby in 1984 he founded "Ira Epstein & Company", a trading firm specializing in retail, commercial and self-directed discount futures trading. Along the way Ira became a leader in trading technology out of necessity, due to increased small lot trade volume. He was among the first to embrace the Internet, which as you know has dramatically changed both the way information is delivered and how trading takes place today.
One of the ways Ira, along with his brokers showcase their talents is through e-mails of market information and Ira's "Futures Videos", which can be viewed on our website, through Market Center, Linn-IraChart Software and on YouTube.