In the gold, as you know as we pulled back here, I've been telling you all week that the market should fight a battle at the 18-week average of closes for direction, and it did. And so far now, we are up about one and a half percent for the week. The market took off on a thin volume day, but the market moved to the upside again. You have had a pattern of higher lows, and higher highs - bullish. What else? The market has been fighting a battle between them, and it began back here, where it started fighting at the green line. The 100-day average in the 18 back and forth, and it resolved itself to the upside.
And now, the question is, does the market add to that and run off the important jobs report? Does it back off from it? But at this point in time, until you get back under here, the bulls have grabbed control of the market. They've had control. And back this past Tuesday, they put themselves back over both averages and it hasn't given up the momentum since then. You are overbought into the resistance, in an uptrend.
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.