The first important thing is the market has stayed over the 18-week moving average of closes, basically since March of this year. And that has kept you on the bull side of the market, you had that reaction to it and then you'd have to go all the way back to October 2024 to find when you were under it. When you finally crossed over and you kept challenging it; the game was gone and that's the way to look at it. Now, Fed rate cuts are generally friendly to the metal markets.
Number one, you're trying to spur on industrial activity. Number two, in this scenario, the dollar looks like it's going to drop. Number three: it appears to me that these cuts are meant to take place as you still have sticky inflation, and that doesn't hurt gold either. So I see those elements as favorable.
The pattern is higher lows off the swing line and higher highs. So you fought a battle for about seven/eight days at the 18-day average. Went to the upper Bollinger Band and you didn't stop. This is the gorilla glue trade. You're now on top of it enough days where it's going to try to force an embedded reading which would be very bullish if it can do it, but it can't do it today.
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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.
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