When we look at the gold chart on a close-only basis, on a weekly chart, this is an all-time high close. And what did I tell you? I said you get the noise on the chart from the swings that you see when markets do this. But when you just went on a close on a weekly basis, you're still up in that area. You see the resistance, you can see the near-term support in the market. So let's say that the $2500 level is your support zone. Let's say that the $2570 levels is your resistance [zone] in there. And the market's marking time, back and forth. The pattern on the swing line is one of lower highs now with this action, and certainly from the low to that low is a lowering low.
But what's happening is instantly if you take a look at the market tonight, the high is $2536.10. If we come back one more day, today's high was $2536.50. So if we take out that high, you will end up with higher lows, lower highs. In other words, this market's just sort of hanging right here; trying to see what's gonna happen next.
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.