When we take a look at the gold market that continuation of the rally goes on. For the week, we've added approximately $40, almost 2% in price. The market has had certainly the series of moves to the upside that began late last week, and continued on. Look at that spike. You can see it until you take out the low right over here near the $2000 level. The bulls will say a low is in place and this market can go on to make higher highs...
If you take a look here, you can see how the 18-day average skirted kiss, the 100 day-average took off and the market is trying to get back underneath the upper Bollinger Band, Only 5% percent of the time do you stay over the band.
In Futures, It's rare to get beyond five days in a row of settlements over the Bollinger Band – –- that can happen, but it's rare. Certainly not bearish.
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.