Now, as we take a look at the gold market, as you can see on the weekly chart you are down to a major number. How often do you hear me say when you get a correction if it lasts, you get back to that 18-day average, or in this case the 18-week, this weekly chart, and you challenge it? When you were under this, you came back, you came up here and if I showed you, you stopped literally there then you came back to check it out. Then you moved
So, now, the big question is, it does this market just hang in here and what does it do? Let's see if we can see anything on the daily. For those of you who get my twice-daily reports; I know I wrote that I think you're gonna go, but it was well before this happened to the $2039 level and that's where the 18-day average of resistance was and that's where I thought the market was headed.
The swing light is still down, with lower highs and lower lows, and lo and behold $2039.70 – the 18-day average. So, what I was looking for happened...a couple of things. Number one, the first challenge of a 200-100 day average and I know went through it, like, a hot knife in butter, but it did come back and where the market held was the Bollinger Band combination with it...and I know that if you learn this, you start saying, 'Okay. This is not about catching bottoms and tops. This is about catching zones in a market that help you make decisions.'
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.