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Ira Epstein's Gold Report

 -- Published: Thursday, 10 March 2016 | Print  | Disqus 

Gold reversed sharply after the European Central Bank (ECB) press conference held by Mario Draghi, the ECB president. 


In the conference Mr. Draghi laid out strong stimulus plan to get the Eurozone on the road to inflation. The plan called for inflation to get up to 1.8% by 2018. Certainly not a runaway number but way better than zero.


The morning started out with gold breaking as the US Dollar rallied against a failing Eurocurrency. Things stayed that way right into the press conference. During the question and answer period, Mr. Draghi errored in my opinion when he implied that the ECB was through cutting interest rates.


One thing a central banker should do is keep pressure on markets by implying there's always more ammunition left to influence things. You don't say anything at a major event you haven't thought out carefully as the world of currency traders is hanging on every word as are the algos that high frequency traders use. One he said this, the market turned on a dime and began a relentless rally, culminating in a rally of nearly 400 points from the break low until he blundered. 


Gold rallied in part because the Dollar broke sharply against the rising Euro and because the scope of the stimulus program he put forth is one designed to create inflation.


The chart below tells the rest of the story.

The PriceCounts shown above are provided through QT Info Systems. 


The QT PriceCount Study is a technical indicator exclusive to QT Charts. What this exclusive study attempts to do is project the distance of a move in price. PriceCounts are not intended to be an "exact science" but rather offer a target for various objectives based off the first leg of a price move. Each chart will have the "initial leg" which sets up the PriceCount displayed as two parallel lines on the chart above.  

© 2016 Ira Epstein Division of Linn & Associates, LLC.

For more information 866-973-2077 Local: 312-264-2805 

DISCLAIMER: THIS IS A SOLICITATION. Reproduction or rebroadcast of any portion of this information is strictly prohibited without written permission. The information reflected herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. In an effort to combat misleading information Linn & Associates, LLC. has performed its due diligence to insure that all material information is provided within this report, though specific information related to your investment, hedging or speculative situation may not be included. Opinions expressed are subject to change without notice. This company and its officers, directors, employees and affiliates may take positions for their own accounts in contracts referred to herein. Trading futures involves risk of loss. Past performance is not indicative of future results.

Hypothetical or simulated performance results have certain inherent limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades may have not actually been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the benefit of hindsight. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown.       


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