When we look at the gold market, the reason I put out the update was I told my clients in it: 'This is bullish on gold, the energy markets, bonds and notes, the event that that peace treaty talks had broken down.'
Gold did rally, you've had a big one. You're up nearly 2% percent for the month. The market is now stepping out of this ladder that we had and with the action, you've now changed the trend. Now, you have higher lows and higher highs, you didn't have that just 48 hours ago.
Now, the market is looking here at the 18-day average, it's the area that I would expect that we're going to see buying take place at on breaks, probably stops under the most recent low of $2311.40. Objective will be something in the $2400 level, if the market can make a run back into these old highs and momentum turning up. That's what I'm pretty well expecting in the market. What's led the way in the medals has been silver, not gold.
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.