Gold had corrected and it's turning away from trying to get so far at least to the 18-week moving average of closes. You can see how the market's come down here, nothing special – it's just sort of drifting around; the pattern is not trending yet. You have made a higher high than this high. So now you have a lower low, higher high that breaks this downtrend pattern, but doesn't necessarily start an uptrend pattern.
The market got over the 18-day average of closes and it's trying to stay over it, as you can see, that would give the market an upside bias. The resistance right above the market, coming in at $2052.20 on the upper Bollinger Band, and that should fall a little bit when the market reopens...
In terms of momentum, you have been oversold, the market did make a test of the 200th-day average a couple of times here.
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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.
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