When we take a look at gold, it's up and away, $3751. The first objective was $3800, then $4000 is the second count that I have in the market. You can see how the market lifted. This is what I didn't see. I don't mind telling you that. I thought the market was going to just hang in, and I was surprised we even rallied on Friday as much as we did $27. What I didn't see, and I don't mind saying it, you know, when you're caught blindsided you go, "Whoa, I didn't see that part of it coming." And it did. It happens.
The market has a pattern here where it's trying to fight. It's got lower low, higher high. You see that right through it. That's why I didn't think we were going to go anywhere. I saw this pattern develop and I said, "Ah I think we got a shot, maybe to re-enter at the 18-day average and get this result." In fact, I'm looking to see can you get up to that $3819 level, which is the Bollinger top, and you have the embedded reading. Until you lose the embedded readings on the gold, you got to stay into the bull camp.
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.