The dollar sank at the expense of other currencies, and the metal markets took off to the upside. you can see gold is now at a new high, if it were to close right now, this a new all-time high close at $2446. Yes, you're not at the highest you've been in the markets here, but remember, that's a continuation chart. This isn't...
You're out of your downtrend. So the move took away that lower high, lower low data - you've had a vertical rise. The market stayed about 3 days underneath the 18-day average and is now right back over it at this point, if it continues going up the Bollinger Band, $2524 is the next resistance, and support, I think will be around the $2459 level in momentum.
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.