When we look at gold for the first time, and this is important. This was the close of business last week, all right? December 13th. Now, we come into the market. And right now if we were to close, and obviously we're not, this is the first move under that all-important number. So the pattern is now bearish. Will the market hold that support? It has in the past. So we'll see, but remember what this market's fighting. It's fighting a dollar that's on a run to the upside and interest rates that are higher for longer and higher - two elements to them.
The 10-year note tonight coasted 4.57, you haven't been there I think May was the last time or so, so it's an important number. What's it doing to gold? It's taking the gold market down right through here. You can see, you've got a pattern of a higher high and lower low. These are streaking gold markets right now.
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.