When you look at the gold, on the weekly chart it supports $2572.90. It is higher on the other charts that I'm looking at. So you want to look at that, we will see just where you're at. When you take a look at the daily chart, you can see that the momentum to the downside, is all there. The market coming in right through here. Where's the Bollinger band bottom? You're still running it.
If the market extends we look for the possibility of getting into the $2564 level or the Bollinger Band. The market went under the Bollinger Band recently and under it still. So, the market is extended. It has gone from roughly the $2800 level, as you know $200 an ounce almost, down. And it happened in very fast order in part, due to ideas here that Trump's spending is going to cause interest rates to stay higher for longer. And interest rates and a strong dollar work against the gold, and that's how you look at what has happened.
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.