When we look at the gold market, the battleground was fought back here and the market has since taken off. All right, so it held its key number. Here are your three days that I was talking about just a moment ago. If you step back with me right here, you can see how the market lifted off last Thursday with the gain of $12. Then on Friday, it was up $41, and today up another whopping $30.
Now tonight, the market is sitting here down about two or three, but sure that's quite a bit of a gain in no time at all. The trend has been higher lows, higher highs. The market had what we call a kiss pattern; the 18-day average, a few days ago, went down skirted right on the 200-day average, the market then last Thursday came out of that and it lifted, I don't know how many people saw that going to happen. I certainly wasn't one that thought you were going from there all the way up here. That doesn't mean I'm wrong. It doesn't mean I'm right, that's for sure. The market hit the Bollinger Band closed over it on Friday and closed over it again today.
Okay, it can go three to five days in a row, it's pushing that out; traders will look, I think back at this and call this a basing action, that the market found its footing, and it ran from there to the upside and that until the market gets back under that low made this month that it probably has seen the near term lows and the gold market.
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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.