So in the gold, I have been looking for pullbacks in the market. I told you two weeks ago, three weeks ago when I did my gold report. I said 'Be patient. This market will pull back from that big rally.'
Well, part of that is going on but as you can see for the week and that's why I like weekly charts. You're about flat, you're up slightly 0.14%. When you go to the daily chart you see how it's pulled back.
Now, if you take a look, the current pattern is lower highs and lower lows. The trend is down. I have been looking for the market to fight a battle when it got down to the 18-day average looking for support at that number.
Right now, that's exactly what I'm getting. I realized the market hit it, went through, came back, fought, and the battle dropped down. Wouldn't be surprised in a day or two if the market tried to get a rally. Could it fall further? Sure. Am I issuing a buy signal yet? I can tell you, I'm not. Am I getting ready? Yep. Any move over $2388 is going to get my attention in the market big time, but you're not there.
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.