In the gold, up; other metals, down. So let's look at the chart. The chart action, you're fighting at the $2648 level. You're not up here at the all-time high close that you had. Remember this is a weekly chart of just closes. You're not there, but you also didn't fall out of bed. Is there pressure on the market? There is. What's going for gold is that tariffs are coming. High interest rates, still look like they're here. We don't look like we have a Fed that's going to be accommodative in January to the marketplace, and the economic data that's coming out hasn't been terrible. You're now going to start getting the new jobs data and everything starts again as the month gets going.
When you look at the bigger chart on a daily basis, we are certainly not here in the 28-and-a-quarter area. You're now pressing back into the 26-and-a-quarter area. You know? I'm just giving you an example. You are down $200 an ounce, which gives the market an upside target. The pattern on the swing line: higher high, lower low.
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.