All right, in the gold market we're in a corrective mode that's about all that you can say. This is a weekly chart. You are still over the 18-week average of closes. So the market's looking still pretty good. You're consolidating. Do you see that all of a sudden?
The market is still caught (I pointed this out to the other day) between this break low off that high, when the market made new all-time highs here into the $2150s and then pulled itself back.
The trend is down but could easily turn up from here, if you start taking out this high right over here, where that arrow is...and that high, I'll give you the number because it's an important number now.
If this high, the swing line high of $2041.90 were taken out now, under this current pattern that could give you at that point higher lows, and higher highs, which ends the downtrend pattern of lower highs and lower lows – where the moving averages right there at $2038 90. It's interesting as can be that, that is the stopping force right now.
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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.
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