Why the heck are we up $54 in gold, $1.25 in silver, up 500 nearly 600 points in copper, and platinum up $22? Today was the FOMC meeting at 1 pm. The statement came up at 1:30 pm, the press conference. Take a look at [my] Financial Market update. I go through the whole spiel is what went on, okay? I'm not going to do it again here.
So when we come to the gold market... you can see that the market is staying over the 18-week average of closes, you had that monster break. This market has just negated a downtrend. Lower highs, lower lows – a downtrend by the classic method.
Then we got this pattern today, where the market had a huge range in settled near the day's low, only up $4. Tonight, the market is catching up because that was a 12:30 pm settlement and the market exploded afterward and you're up $53. So in the past two sessions, you're up roughly $58-59 an ounce, big move. But the pattern isn't bullish yet, it is out of a downtrend. A true bull pattern has higher lows and higher highs in some manner.
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.