Metals: Gold Bouncing on Monday Night off of Truce Talk News; Ira Epstein's Video for 6-1-2026

Added: 2026-06-03

[00:00:14]Good evening all. I Rap Stine and here we are with your metal market wrap up and this wrap up is for the evening as we're here now on the 1st of June 2020 6:45 p.m. Central Time. Well, an interesting day today because we went from basically Iran calling the shots and saying they're closing the complete Strait of Hormuz. They're closing the other straight that they can control.

[00:00:38]They are basically through talking to the United States to the point where President Trump says he got involved and Israel will stop hitting Hezbollah. Hezbollah will stop hitting Israel, so they say.

[00:00:53]And with that the communication efforts between Iran and the United States are back open. Now, I have been saying for a while it looks and feels like Iran is the one calling the shots, not the United States and I still believe that, all right? It's at the point where the US is trying to get to the last mile and get the straight open for the world and then the United States will deal with the second part of it which is everything to do with uranium, the real reason that we went there in the first place. So, that seems to be where we're at.

[00:01:28]If you look tonight, we're getting a correction in the stock market. These have so far proven to be short lived. In other words, they break, the market gets support, so on.

[00:01:38]Again, a strong up day on a Monday leads to often a down day on a Tuesday. That is just how I look at things. Most of the energy markets are higher. Is that saying there is peace? There could be. I don't know.

[00:01:51]The bonds and notes, they're a stable to higher. That's a good sign and energies are stable to lower. So, maybe, just maybe, what the president is talking about, maybe he got something done.

[00:02:06]Now, before we get to the charts, and we will go to them, I want to remind you about one of my favorite tools that I use intraday every day of the week.

[00:02:14]Pivot points. And this is an interesting tool as can be. I It was taught to me, frankly, by Larry Williams.

[00:02:22]And Larry used to manage money in my firm back in the '80s. So, this gives you an idea how long the relationship goes there. And I always wondered, what's he doing? How does he come in and out of the markets? And uh he's the only person I ever saw that used it. I took it, and as usual, I twist and turn it, and I added to it slow stochastics to help me with momentum. So, how do I use it now? Well, number one, I, by nature, am not a day trader. That's not what I try to do.

[00:02:52]But I use it for entry points. Sometimes I want to buy, sell in terms of recommendation for my clients. And by using this, sometimes I come up with better numbers. And then I send out client updates and tell them, "Hey, this is what I'm seeing, and let's modify and do such and such."

[00:03:10]every day of the week. So, I obviously believe in it. How do you get this? It's free. It teaches you how I teach for my other courses that I do charge for. You simply go to our website at I Epstein.com.

[00:03:23]It is a three-part series. You go to the free offers. You sign up for it there, right under that, and we send it out to you via a link, and away you go with it.

[00:03:33]Remember, you can move up here your cursor. You can look over here and click if you're watching me on YouTube, and give it a click there. And of course, I Epstein.com.

[00:03:42]Now, in terms of news for tomorrow, we're going to get the Redbook weekly retail sales. They've been running about 9% plus week-over-week increases. We're going to get the JOLTS number, the job opening labor turnover survey. You're going to see the April figure had been 6.9, and that's what they expect this to be.

[00:04:03]The month before, I should have said March was near that at 6.866.

[00:04:07]So, they're they're still looking for stability. We're going to get the API numbers coming out at 3:30 in the afternoon. And of course, all the talk right now is about how many of the different companies are coming out with new IPOs. What does it mean for the stock market? So on and so forth. And it's a big event. And any way you want to cut it, these are big events coming on.

[00:04:29]So, let's go if we could to the chart.

[00:04:33]First, you're still dropping away in gold on a weekly chart. You're still down now 1.59% on a weekly basis.

[00:04:42]When you take a look at the action, you see you're getting a little bit of a bounce tonight, not much. The pattern is one of a higher high and a lower low. It is not trending. It's also not breaking through this low that you made last week. Very important. I have been telling you that I happen to think that when and if, and I do believe there's going to be a when, there is a ceasefire that goes for another 60 days, the market will look at that, and you'll probably see gold try to lift cuz gold will turn its attention immediately back onto inflation. Even if the straight up four moves opens tomorrow.

[00:05:21]Opens tomorrow, and oil drops another eight to $10. You're still much higher than you were before this began, and that is inflationary.

[00:05:30]When you take a look at where the resistance is, I think it's the 18-day average of closes. The support comes in right here. This is the 200 I'm sorry, the yeah, 200-day average of closes. The 100-day in green is all the way up there.

[00:05:46]When we take a look at momentum, you're in an oversold market. Still has a reading under 30 that is trying to lift out of that. So, could you make an argument you get back to the 4614 level?

[00:05:58]I think you could.

[00:06:01]What about the gold-silver ratio? Well, the market is still trading over the 18-day average, which means that the gold market still carrying the strength of the market, not silver. If it drops underneath the 18-day average, well, then you need less ounces of silver to get an ounce of gold. You're not there.

[00:06:20]When you look at silver and you look at this chart, it's still in the bear camp.

[00:06:23]You have lower highs and lower lows at work. The market is in an oversold condition. Did it ever embed becomes one of the questions. I can't get I'm sorry.

[00:06:34]I can't get it to move there. My fault.

[00:06:36]You see how the arrow's moving right here? It's because I did something on the chart before and thinks that that is what's still active.

[00:06:45]You have higher lows, higher highs in the copper. This is the bull part of the market. I think I said that to you all last week. I'm still saying it. Momentum up.

[00:06:55]Trend up. Next resistance if it wants to go 667. You realize how much your pennies?

[00:07:02]It costs so much more to produce a penny than a penny. And it's crazy.

[00:07:07]In the platinum market, what we have is a pattern of a higher high and a lower low with a market trying to find its support consistently at the 200-day average of closes. Momentum in the market, well, it's still embedded. It's trying to lose it. We'll see if it can do it.

[00:07:24]In the dollar index, we're sort of drifting. We drifted down to, as you know, last week the 18-day average. You had a bit of a bounce in the market today. But, if there's peace, and I pray that there is, and the market can take out this 98.69 and 1/2, you open the gate to go back to the green line, the 100-day average, the gray line, the 200, and the Bollinger Band if that occurs. So, we'll see what goes on.

[00:07:53]So, with that I am Ira Epstein. I hope you join me with the as we go to the pivot points. I think you'll like what you see with them right through here. Remember, you can click up here. You can go to irapstein.com or just click over there. I'm Ira. I'll catch you in the other videos tonight and the first thing in the morning with the morning flash. Have a great evening.