In the weekly chart of gold, if we were to finish right here, we're at an all-time high, but we're not going to finish here. This is Wednesday. We still have Wednesday to finish, plus Thursday and Friday. The market has lifted off; it’s gotten a thrust, and then a twin turbo behind it. It got the first with the Federal Reserve cutting 50 basis points. There are huge bets going on right now as to whether or not, in November, it'll be another 50 or 25. If you watch the CME Fed Watch page, go to that, you can see what's going on. But you can see how the market has come up.
The pattern has been one of higher lows and higher highs. The market fought its battle at the 18-day average. We talk about that so often, as that’s the determining point on and off the charts, and the market has taken off.
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.