So, when we look at the gold market from my point of view—and I've been saying this—you're in an all-time high on a monthly chart. If you were to close right here, I don't know where we'll close. This is the 13th. You've got a lot of time left, but it's bullish. On the weekly chart, the market's caught in a congestion area.
You're not getting any help from the swing line; you have a higher high and lower low, which means sideways action. You have the bias up since you're over the 18-week average of closes. So I have to go to where the momentum might be, in Bollinger Bands. In the Bollinger Band, if you rally, look for the $3500 zone to be the resistance. And you're overbought—you're not with an embedded reading.
To me, on the chart, if you were to ask me what to do, I'd be telling you, 'Hey, there's nothing to do as I see it.'
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.