In the gold, as I said, both the gold and silver are dropping back, and when you look at the gold, it's up, up, and away. So far for the month, you're still up 4.93 percent. These are all-time highs if it were to close here. You can see how the market's going on a stilt on the weekly chart. It's far away from its base. That's not a good or a bad thing. It's just an observation. You're well over the 18-week average at $3405.60, and you're fighting at the upper Bollinger Band.
When I look at the momentum here, you're trying to build a bullish embedded case, which would be even more towards the $4000 level. You heard what I just said. You can make an argument on what we call price counts that $4000 is in the cards. We'll see. And that's off continuation charts, of course.
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.