In the gold market. As we take a look at how you're at today for the month, you're still up 4 and a half percent, for the month. Nearly 5 percent. I take that back, 4.96. And if you were to finish here, this would be an all-time high close. Now we have the rest of the week to go, so we don't know where that's going to come in. When we go to a weekly chart, you also are over the all-time high. You've held on pullbacks, that 18-week average of closes. The market's done as I was hoping it would. The market has come back up to these highs, and that's where I thought resistance off a weekly chart would show up.
When we look at the swing line, you have higher lows, higher highs—bullish. The 18-week average of closes is here at $2686. I don't know that you're going to return to it, but even if you did, I realized that's almost a hundred dollars an ounce lower. On the bigger picture, that would still be bullish. You'd have to get under $2605 under the current pattern, in order to negate the bullishness on the chart. But I can see where the resistance comes in from this week's high, into the upper Bollinger band, in an overbought market on a weekly chart.
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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.
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