In the gold market for the weekly chart of closes, you can see how the market is staying up. And notice this market has been staying up on a weekly basis ever since September. Once it got back over the 18-week average, it's kept the bullish bias. The poor people that bought here on a daily basis, got absolutely their butt handed to them. The market access came down, and now we're getting a retracement, but generally, when this happens, you don't just pick up and go back for that high; that's not how it works.
The temporary chart pattern. It's feeble; higher lows and higher highs, you see that from that high to that high, and there the arrows point up to higher lows. If you take out the low (I'II give it to you right here) of exactly $2029 20, this chart can get very ugly on you again and start another break. Be very careful. I'm not saying it has to, I'm saying what it could do. The battleground is to try to stay over my line in the sand, the daily 18-day average of closes, and to ideally get over this high to prove the market could have a punch to the upside.
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.