So, when you look at the gold market, you can see it just hanging around here for the week. Now, it's up two and a half percent 63, not bad. Will you clear these highs? It's the big question. The market came down here and stuck its head up. Now you've had two days where it's stuck its head up. Got those and you cleared through a little bit early tonight. Take a look. You see that. There you go. So, you're getting a little follow-through there.
The pattern is one where the market fought (and I think you'd agree with me) for the better part of two weeks at the 18-day average of closes and was able to stay up and over which has the upside bias. So I'm looking at the resistance, very hard at $2737, and no, that won't get me [turn bearish] the market, but it is an important resistance point.
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.
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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.