All right, in the gold market, we're down for the week, almost 2%. Okay, but it had a heck of a run-up recently. If we step back from here, and we see the week before, it was up 3.39%. So if you subtract what we just lost, you were still up nicely overall. That's one way to look at it. The market after that monster break from the $2150 area is consolidating, trying to figure out what to do. Now, the chart action, higher high, lower low, no real setup to work from there as I see it.
Even if you take out that low, you're going to have big-time support at $2031.5 down to the 200th-day average of $2006. So I see a support under the market. I don't see a reason to be jumping in and saying, "Oh, you got to buy it again. The market's going to run." just yet. The resistance is still pretty strong here at the upper Bollinger band. So when I look at that market at $2087, I just say that's your resistance point, the support's $2031, I don't see a trend, I see a higher high and lower low and momentum, which had been getting itself overbought, is fully worked out of that. It is a difficult market right here. It's certainly going to look at the jobs data and come to life with it.
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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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