So in the gold market, we're in a bit of a correction. If there's no question, in my mind, at least the major trend is up. I was listening to Jeff Gundlach of DoubleLine. When he's saying, he liked to buy more gold, he still owns it, but he'd like to buy it at the $2200 level. That seems a pretty far ways off, and what would drive it back down there has got me questioning why even mention that level right now.
The market's working in stages on the downside temporarily; you've got a higher high, lower low pattern – that is not a trend. The market has stayed under the 18-day average, so. the bias stays down. I define bias when the market is trading under that number, the bias is down. Over it, the bias is up. Bias is a filter, so you get a buy signal and you have bias down – I pass it. You get a buy signal in the swing line but you're under the 18-day average – I pass it. I'm just looking for markets then to make moves if they're going to go back there and fight a battle. Well, that's just what's going on right now.
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.
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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.