Gold's still acting overall like an inflationary market.
When we look at a weekly bar [chart], this is why I've been telling clients I like silver better than gold. To me, that is not telling you, "Jump in, there's something happening." When I look at the market, you got a higher high and a lower low on a weekly chart. It is still over the 18-week average, which is the support level of $3244. From here, that's a $90 drop. I'm not saying it has to go down there. I'm saying it's holding above it. When we look at the Bollinger Bands well, you got into them back in the April time frame, but you've backed off a little bit since then.
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.