In this article, we'll explore the bullish bias of the Ira Epstein gold report and examine the lack of trading recommendations. The Fed reversed course yesterday. Chair Yellen's “Fed Plot” indicated that the central bank was thinking four years ahead. As a result, the hike resulted in lower commodity prices, a stronger US Dollar, and minimal impact on stock indices.
ira epstein's gold price report
Ira Epstein, a veteran futures trader, provides daily metals price updates. His commentary focuses on relevant geopolitical and economic topics. Epstein teaches both the fundamentals and technical aspects of the metals markets. He began his career as a runner on the CME floor and now runs a division of Linn & Associates. The following are some of the key points Epstein made during his gold price report.
First, he noted that gold prices are negative in relation to the economy. When interest rates rise, gold will fall relative to other income-paying assets. Likewise, when interest rates are at historic lows, gold will appreciate relative to the other income-paying assets, including stocks. So, it is important to understand the economic fundamentals behind gold's price. This is why the Federal Reserve has been so unrelenting with their quantitative easing.
ira epstein's bullish bias
According to Ira Epstein, a longtime futures trader, the gold market is headed for a short-term decline, but is still positioned for a rebound. Epstein sees resistance in the $1,185 to $1,200 area, and pegs a downside target of $1,120 an ounce. Epstein notes that the U.S. economic calendar will include the release of initial jobless claims, retail sales data, and the producer price index. Also next week, the Michigan sentiment survey is due to be released, and the Federal Open Market Committee will hold its press conference to conclude the meeting.
In addition to predicting gold's uptrend, Epstein also predicts that the Eurozone will experience a Greek referendum on July 5th, which would sway gold prices higher. This referendum is very much consistent with gold's previous performance, and this trend would continue well into the year. But it's important to note that a strong Eurozone vote is not a guarantee of a bullish move in gold.
ira epstein's lack of trading recommendations
The alleged involvement of Ira Epstein in a Ponzi scheme and his lack of trading recommendations have made the financial world very nervous. Hoffenberg alleged that Epstein was complicit in the scheme and was charged with fraud by the state of New York in 2018. The charges were eventually dropped but the public outcry is still very loud. So what is Ira Epstein's reasoning behind his lack of trading recommendations?
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