So let's go to the gold market because that could be one of the catalysts that kicks the market should it decide to take off from here. Certainly, I think you'd agree that the market's over the 18-day average, and the bias has been up in it.
When we take a look, you see the churn that's gone on? I've been saying this market's hanging around this $2040 area and I think you see that the recent break low, I said $2025; I'm wrong, it's $2029.20 but I knew it was in that zone and you do have the pattern of higher lows, higher highs.
So until that number is taken out, which way am I? Bullish. The trend is up. The market is over the 18-day average of closes. Until that number is violated – where's my friend: the Bollinger band? Because that'll be the first resistance point, and that number is sitting up here; now at $2089.20.
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.