When we take a look at the gold, you’re in a corrective mode. You’re down 1.28% for the week and you’re still over the 18-week average support of $1987.50. On the daily charts, when I look at this and I put on the swing line, I have no trend. I have a market that’s got a higher high and lower low.
You’re fighting a battle, and that’s crystal clear, between the 200-day average in gray right here and the 18-day average right through there (I think you can see that one easy enough) and support is right against the lower [Bollinger] Band. If you drop again, even more support should be covered at $1999.30 down to the 100-day average of $1994.70 and you have an oversold market.
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.