So, when we take a look at the gold market because this is all about the metals, we're in something of a stall, that's the way to look at it on a weekly basis. On the daily bar, you can see right now that you have an uptrend; higher lows, higher highs. The market got over the 18-day moving average of closes and fell back to support until it takes out this low right here and we can even take a look and see what that number is. I'm not going to go to the weekly chart, I did that over the weekend.
But $2311.40, well, the trend remains up. So do I think that people are buying it here with stops under that? I do. Unfortunately, that type of stop in this market in dollar terms is over $1000 on a regular contract. Well over it – $2000, it's too much money. So either do the many contracts and try to build or you wait for a better chart pattern as I see it your call. When I look at the Bollinger Bands, we haven't been to the upper band. We did hit the lower, we held it and we rallied off of that. As I said, a bear market rally, we had the pop last Friday and then right back down to re-challenge the 18-day average today, that's still bullish action on the 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.
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.