The gold market crossed to $2000 level. Got up nicer than that, saw profit taking off around noon, Chicago time, and took the market back down a little bit.
When we look at the gold market, you can see for the week, we're up about 0.84%. Okay. We've knocked on the door, coming back to these old highs. I think that's important; the market, as you can see, stuck its head up. And today, let's get back if I could one day here. Yeah, we can see what the high then was. We got to $2009.80 and the market's off of that right now, about $8, right in that general range. The pattern is now bullish. So with today's action, you now have higher lows, and higher highs, which tells me I think traders are going to look to buy the pullback.
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.
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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.