So, let's take a look at chart action and see what we have. In the gold, a whopper. I mean, you are now up 5% for the week - $167. So, this market has given you a huge reversal taking place at this point in time, and that was on a weekly chart.
What you have is a lower low, higher high. Take the name off the chart, look at the chart, an uptrend's made of higher highs and higher lows. What we do have is upside bias, and I've pointed out to that when the market fell down here, I said don't be surprised if it fights a battle at the 18-day average looking for the next direction. Well, that direction is up.
When you look at momentum, pointing up. But when you go down here, hit the 18-day average, you are very oversold.
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.