When you look at the gold market, this is a new high for the move. It's that simple. You had a down flag. One of you wrote me on it, good call. You broke out of it and you can see what you're doing. So now this is your poll. You had the flag waving. Sometimes they'll go a little further sideways. It doesn't matter. You've had your breakout to the upside. Traders will probably buy where that breakout point was if they get a free chance to do so; the pattern is a vertical rise with today's action, as you can see because of the settlement you were down here.
Towards the end of the day, you were near the very high and you've opened and or made a higher high on it as traders, stop orders, 'I'm caught, I'm wrong. The market didn't break back', you get that thinking...and the Bollinger top of $2250 – let's call it $2245 in that zone could be. I didn't say it is, but it could be where the next resistance point is.
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.