When you and I look at the gold market up and away, but does this look in any manner to you like a bearish situation when when you when you look at a monthly chart? If it does, I don't know what you're looking at. Yes, it is down point to 0.28% for this month but it hasn't gone anywhere.
Look at the weekly chart, you see more of a reaction down 0.64% but this is the first day of the week, so you can see how the market is coming down. The support is the 18-week average; you can see the sideways action when we don't have anything on a chart and you can see and this is the beauty of it with the swing line – lower highs, lower low so you're in a downtrend unless you get up and over $2385.10. Should the market break under $2290.5 you still have a downside possibility to get to the 18-day average of $2290.
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.