So when we look at the gold market, we're retreating. We're down for the week and today's the first day of the week – 1%. When we take a look at how the chart actions going, it's a lot of nothing so far, back and forth waves in here; you haven't gone anywhere in a while. When we look at the chart pattern, you have a lower low and a higher high. That is not a trend in the market.
The battleground has been the 18-day average of closes in red. The first supports the 200-day average of $2013.20 and the Bollinger Band should be right around there and here it comes in at $2010.70.
So if the market falls, I can make the argument: the $200 to the Bollinger band, if it really accelerated the 100-day average...after that, I don't know. But do I think we're trending right now? I don't.
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.