So when we look at the gold market, let's understand. You're just coming off challenges on a closing basis-only on a weekly chart of all-time highs. When we take a look at this chart, the highest high the market really got up to (and this ties with it) is in this $2540 area. You can see where it's at there. And yes, we have sold off from there dramatically.
In fact, we sold off (just to give you an idea from last Friday's high) when the market got to $2522 to the low of $2403, $119 an ounce. That's a huge break anyway, that you want to look at it. Did it go through the prior low? It did not. And this is where you're at...when we take a look at the pattern on the chart, you have a higher high and lower low, that is not a trend.
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.