When we look at the gold market, you can see how the market's been whipping around there, the 18-day average, and it moved back up. When we look at the gold itself, this is a new high for this move but you're into an old resistance area here at the $2750 area - we'll see if that means anything. The pattern is still very clear with higher lows, higher highs. The market is now seeing, and I want you to look at this, where you're about to get a bullish crossover of the 18-day average going over the 100-day average, you're right at the cusp of that.
The market is running the upper Bollinger Band right now. You've had three days of hitting it consistently, trying to push that band out as the market is an overbought territory. And as of yet, not even on the first day of trying to embed. You're up nice and high, it is not a sell signal, but I wouldn't be surprised if you see a bit of profit-taking at any point.
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.