When we look at the gold market, and this is a close-only chart. The market for the week, as you can see, pushing contract high close and all-time high [close]. When you take a look at what the market did here, we had the consolidation. We broke down, came back, and once you cleared that well, you went through the stop orders. Each time you go up, and remember how Futures work. For every long, there's a short. And you can see how the market is running to the upside on this news.
The pattern is one of a lower low, and a higher high. So, this was a vertical price move that just marched away as people got scared of this tariff talk that we're getting. The market did come down, after making that short-term top up here, and decided for nearly a week and a half to just fight a battle at the 18-week average to see what was next.
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.