In the gold market, I predicted that we would fight a battle right here at the 18-week moving average of closes and I think you'd agree that's exactly what's occurring. The market is up half a percentage point going into the Thursday trade. You can see how the market has rebounded off, that break low that it had, and in the process, you still are in a downtrend.
You still have the lower highs, the lower lows, you have to get over this high in order to break that. But here's your battleground; so the pros are probably selling against this $2039 level that we've talked about, stops over to the $2043 area back (I think it's right over there) and we'll see what it does through there.
If it drops, I don't think you look for a big breakdown here any longer. Now, I think you're looking at the $2027-2023 area and if you get over that high, you're no longer in the downtrend. So interesting chart; when we take a look at what you're doing in Bollinger Bands, they're far away from the market so I don't think they're in play...and momentum, which had gotten oversold, corrected itself.
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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.
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