Alright, when we look at the gold market, you can see it has slipped back for the month so far. We're mid-month, you're down 6.28 percent or 6.29 - that's a lot. It's not a little bit of a break. The market has fallen back, right where I told you I thought it was going to go. If it wanted to go on the weekly chart down to find support at the $2580 level.
When you take a look at what the chart looks like, it just fell out of bed. Did I expect that? No. I thought that Trump would bring in with it more inflation ideas and instead, the market pulled it because interest rates climbed in the dollar. You never quite know, and that's what happened there.
Higher high, lower low - the charts got a lot of damage. So, do I think over time inflation is going to return and be a problem? Yes. Do I see this on the chart? it says, "Oh, go in and buy it because that's going to happen." No. I see neutrality. The market's at the 18-day average, and hanging in 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.