When you look at gold now, on a monthly close-only chart, because this month's going. Well, if it finished here, it'd be at $2749.30, okay. When you look at gold on its peak when it was up there, on a settlement basis - just a settlement. Or you look at where it was, you can see how high it got up there. When we come back to gold and you look at a weekly chart, and by the way, it didn't settle. And I want to make that clear. I wrote that the peak was $2801.80; that was not the high settlement so I don't want you to get confused. You'll see that right here is the market on this week, which is last week, got up to $2801.80 and finished to $2749.40.
Higher lows, higher highs. You know, if you break down the bigger support on a weekly basis, is $2565.60, I am not saying it's going there, but that's where the big support is. The resistance has been the upper Bollinger Band. And what's been the one constant all the way through? the bullish embedded reading.
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.