When we look at the gold market, we're down nearly a full percentage point so far, but it's only midweek and we don't know what these other reports will do. The market has been leaking away.
There's a lot to be learned here. What I do know is gold in a downtrend, what I do know is the next stopping spot could be the $2013.5 area, that is the 200-day average...and the Bollinger Band is waiting for it right there at $2015.5 – so that's your support zone. Is there anything I see on the chart that can just turn it into a bull market in the sense of higher lows and higher highs over the 18-day average? Absolutely not – so, a bearish trend but very oversold; oversold doesn't beget that you put new money into a market from my point of view.
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.