So as we come to the gold, one of the things we talked about is: Could the market get back to fighting a battle at the 18-week average? It hasn't done it in a long time. You had to go back to last March in order to get where it did before. And before then, a year ago - right here in the October time frame. And guess where you're at tonight, you're exactly at that number. So this is where I think the market's first major support test comes in. Right now, right here.
You've had one heck of a break. Any way you want to cut it, $230 is a monster break in a market alright. The trend is clearly down - lower highs, lower lows. The market is now, tonight, back to the hundred-day average as well.
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.