When you take a look at gold, for the week, which just began. And we're only into a day and a quarter of trading, not even that, a day and a couple hours; two hours. You're down four-tenths of a percent holding on. When we take a look at this chart, you're going to see that the swing line is turned down, so you have lower highs, lower lows. So the short-term trend of the market is broken to the downside. Support should come in at the 18-day average of closes. With the resistance that the Bollinger Band that you had ridden up here, then you finally broke away. Generally, the weight of that takes you back to the 18-day average of closes, especially if you had an embedded reading.
So I'm looking for support, I am not looking for gold to fall apart. I am very much looking for the gold market (and the silver market), for this decline to be one that offers stability at these price levels coming in.
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.