So as we look at the gold market for the week, you're up a percentage pointing still up $21. There's nothing wrong with this rally. However, you did rally today and this is the point that I'm trying to make for you.
If you take a look, you got up today to $2225 and by the end of the day we're finished at $2184. So you had a $41 break from that peak.
As I said, I think this is a breakout on the chart. I haven't changed my opinion on that. What I don't want to see taken out would be the $2149.50 level from here. I look for support to come in. It's strange right now because the 18-day average is right against that low.
So, that is the support level that I'm looking to hold that number will climb over the next day or two, but will it try to hit that is going to be the big question. Remember each day that goes by that number is going to go up, not down because you're adding remember, you're dropping low data and you're adding out a 18-day average, the higher data.
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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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