All right, as we take a look at the gold market, again, I do see support at $2014.5 if it's attacked. When we come over and we look at a daily bar chart, it's difficult to make a trade right here, and the reason it is; everything's narrowed in. Do you really see much movement going on? I can make an argument that you have higher lows. I can move that up there and say the higher low, higher high.
I'm arguing that support is at the $2047 level. So if the bulls are going to buy, I think that's where they'll buy – they'll put stops under the $2030.80 area but that's an awful lot of risk. This pattern is not the best pattern for people to be trading off of...and I'm looking at the resistance of $2068.20, which is the upper Bollinger Band – momentum is just flat in the water.
So this has turned into a market that just drifting sideways. These are the hardest times for Traders. They want somebody to always say buy here, sell there do this. They're looking for a so-called quote, unquote action. There isn't any just yet. When we look at the gold-silver ratio, it continues to favor the gold well over the silver market.
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.