As we take a look at the gold market, you can see how the market is pulling down a bit. You're down 1.19% for the week. We had a straight-up move and now that move is getting challenged because the dollar is getting a little bit more support in the marketplace right now.
If you take a look at the bar chart, you can see how the market was going sideways and now the market is starting to actually push back on the other side. You can see the 200-week average dipped and the market finally did break down. Do I think there's a lot of downside since you're in a downtrend and you're under these averages? Not really. I think the 1955 level will be about it. But it's not a place to belong.
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.