When you look at the gold market, again the market has been sitting in very much sideways action. This is a weekly chart of just closes and you can see how the market's done that when we look at a daily borrow chart, pointed out that you would come up before to this resistance point.
And if you come back with me here, you can see how the market just came down and held itself, bouncing back and forth. The bias of the market is going to be up and the trend is up. Why? Well, the trend is on the swing line, higher lows, and higher highs. I already know it's holding the 18-day average of closes. I mentioned that the battleground's probably around the $2347 level and it is on the upside, it'll be the upper Bollinger Band around the $2389 level in terms of momentum, you have worked off in overbought condition. So the market's getting itself ready for CPI, and PPI events.
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.