If you look at gold, this is an area chart of closes, and as you can see, if the market were to finish here, it'd be a new high closure. Already up on the week, 2.92 percent. You're up on the month for that amount as well, because it's the first day of the month. When you take a look at the bar chart here, you're not yet approaching these all-time highs. The market has come up very nicely. It most certainly is in an uptrend, and it's been in one. If I take away today's action, just to give you an idea. This is how you look coming in. You had higher lows, higher highs. You've been in a bullish configuration, right, and this is what it's done so far.
The Bollinger Band is right above the market at $3430.50. Therefore, when I look at where the momentum is, which is overbought, and the market approaching that, that's where I'm expecting resistance to stick in.
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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.