When we look at the gold market, if it's going to break here, I wouldn't be surprised then that you go for the 18-week average of closes in red, the $2364 level. That's if you get the break – in order for it not to break, you got to start clearing these highs and I told you we have a quadruple – you could argue at one, two, three – a quadruple top working right now into a resistance area on a close-only chart.
So when you put a swing line on it, the pattern of the chart is higher lows and higher highs. You can see these two spike highs and $2403.80 is higher than $2398 and a fraction here. If this number is taken out, It will revert to lower highs and lower lows and that will be the bearish part of the market. It can't afford, in plain English, to get under $2403.80.
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.