So, let's together take a look at gold. First of all, for the week and we've just began, you're down two and a half percent for the week. That's a monster break. If the market keeps going down to $2574 levels, the next support zone on a weekly chart. As you can see on the daily, this market fell apart after it got back under these lows right through here. And that set this whole tone off, I thought the market might have found its footing right through here last week on Thursday when it came back up. And it sort of stalled out on Friday as you could see.
When we take a look together at moving averages, you're not quite there yet. You've got the swing line to lower highs, lower lows - that is bearish, and that sets the whole tone off. And that was confirmed when you took out the lows today of last Thursday. So that's when I got nervous, I thought the market might return there. It has been under the 18-day average so the bias is down. Now the trend is down, so where do you think the support's going to come in?
I can tell it'll come in at the Bollinger Band down to this 100-day average, that's where I'm looking for the support. So you're there is one way to look at it and you're oversold. That doesn't mean it can't go lower. I don't see a reason for it to go lower, I think the damage was done.
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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.
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