Now when you look at gold, you can see a correction's underway. You're down two percent for the month on a closing basis, so far. On a weekly chart, you finally are getting a bit of a correction in the market – that's important. The market let go as you can see here last week, and that's an important move. Now I want to see, can you get back over last week's highs or lows, which one are you going to go for? You can't really tell me right now. You have an idea, it's pretty close to unchanged.
The pattern of the market maintains — higher lows, and higher highs. The support is all the way back towards the $2577 and a half zone. And the Bollinger Bands continues to stop the rally in the market. Last but not least, if you lose on a weekly basis the embedded reading, you got to do this and walk away. I think it's too early to make that decision. An hour and 15 minutes or so after the market is opened, on a Sunday night. You got to give it some time and we will see what it can do.
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.