So when I come to the gold market, number one, it's fighting off a rally in the dollar. Number two, it is fighting off, very successfully, a rally in interest rates. I mean you're up near 4.6% in the 10-year note – that's a big number. Mortgages are back to 6.88% on a 30-year fix according to Freddie Mac today. So, as you look at how this is all coming up here gold's going right through that like it doesn't exist.
The pattern is higher lows, higher highs. It's still got the pattern here, the swing line certainly to the upside, all the moving averages are under the market and the resistance point keeps getting hit. In fact, you got over it for several days and now you've got that "gorilla glue" trade.
"Gorilla glue" trade is simply this, it's when the market day after day hits the ball and Bollinger Band, takes it, and eventually gets it to embed.
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.