As we look at the gold market, you're up 1.8 percent as we go into Friday's trade, we're in it right now at $47, and if you were to close here, because this is a weekly chart of closes, it would be an all-time high close. When we look at what the chart did, it certainly picked itself up. It's had a heck of a run to the upside. These types of runs are often met with a correction eventually. Now, the correction could be sideways action, it could be a little bit deeper, just like you had the one here; the first breakout. And that can happen.
So if you're not in, this is probably not the spot to be coming into the market is what I'm saying. When you take a look at the market in terms of moving average, it's well over it. And if you broke all the way down to $2600, which is $94 away, roughly $91 away; that would get you into the support zone of the 18-day average.
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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.