In the gold market for the week, you're still up 0.17%. You can see what the market did. You would think it rallied, but it was actually lower, and tonight, it's up $4, all right? But when you take a look at what the market did, and we'll come back, one day here, you can see the market was down $14.
It didn't feel like it, it felt like it was higher because it was able to bounce from there. And if you watch the energies, you get that impression. But you've got the pattern of higher lows, and higher highs, which is bullish. The market's over the 18-day average. If inflation is strong, that's bullish.
What hurt the market to a degree is the strong dollar and that dollar strength I don't think is going away. Yes, it can back off a little bit, but I think you've locked in the dollar strength for the near term now and I think you've locked in the dollar strength for the near term now and I think that what we saw today was currencies let go from the downside dollar to the upside – and now we're gonna wait on the Bank of Japan to see if they do any intervention.
Is the market backing off from the upper [Bollinger Band]? It is. Do I think the traders will buy that break as long as you keep the embedded reading? Yes, I think they'll buy on if you're a daily chart.
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.
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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.