So in the gold market, I have been talking would we get down to the 18-day average of closes. We are under it with this right now. I didn't change this to silver - I will do it in the morning if the market is still like that and I want to see what it does. But suffice to say, look at how the gold market has given back everything. So you came from this low point all the way up, and now you've made a retracement of about 80 percent of that. I mean, pretty crazy. It's wild action, right now. Why is gold breaking? It's pretty simple—the dollar near 108. Interest rates near 4.5 on the tenure. Are you aware mortgages or back up to like $713 on a 30-year fixed, got to pay attention to what's going on here.
So, this is one of these vertical moves in the gold. The market is just in a straight line coming from $2761 and it's down to $2596. I mean, it's been relentless to the downside. It came down yesterday, it didn't quite hit the hundred-day average. It went through it but it closed above it.
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.