So when you and I look at the gold, we are down for the week (midweek now) about 2% percent, 1.9% on a weekly basis. We've had one wild ride in this market where you got up to $2150, and you're now $100 an ounce lower. Why is the market stopping here?
Well, let's take a look and see what's going on. Ready? It's because the 18-day average is right here. You hear me talk over and over a neutral spot on the chart. Line in the sand; that number is around $2027. The pattern on the chart is a spike high and then we broke down. So the swing line, which is this brown line right here, is no longer trending. You have a higher high but a lower low pattern; that's no trend. You can see how the market looks with it right here. And now you put that on and you come with the averages so I can argue $2027 is one of the support numbers.
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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.