The gold market is no longer over $2000, it's back down to the 1950 level and silver is down about a dollar from its peak. So what is going on here? We can take a look at the CPI numbers tomorrow morning 7:30 am CT Tuesday morning.
On a weekly basis, the market was correcting. It came down and it's getting a little bounce; it's up 0.63% for the week so far. But the trend is clearly down in the sense that you've got lower highs and lower lows.
Their first support which now becomes a tad of resistance is the 100-day average in green, you got under it (last Thursday and Friday), and now you're coming back up. The bigger resistance if you clear that is all the way back up in the 1981.5 where both the 18-day and 200-day moving averages are hitting so we have a downtrend.
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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.