The gold market is trying to come down a bit. It's down 2.79 percent for the week at this point. When we take a look at the chart action, as I said we have that Fibonacci bounce that I showed you earlier in the week. And I think the market still can work its way lower. Be very careful if you take out the low right through here, it would say that the market is, in fact, trying to break down. The key is not to take that out because at this point, you have the swing line with higher lows and higher highs; that's the good news. The bad news is the market keeps stalling out now at the 18-day average of closes. Yeah, you got up over at one time here and then you immediately came back down.
So they're selling pressure not buying pressure, still prevalent in the market. New support shows up at the 100-day average at $2617. The Bollinger Bands are not lower than that, about $40-50 lower. Right now we're on the $2569 level, and momentum isn't helping you with just going sideways at this point.
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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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