When I take a look at the gold market, the gold market is pretty flat going in. I mean, here we are. We're already on Wednesday trade in the market is up one-tenth of a percent for the week. When we look at the action here, we can almost see the trend coming down. The question is: Will it pop through that and get an uprise?
You'd have to take out the high that I'm pointing to, right there to break this minor downtrend taking place.
If the market wanted to work a lot lower as I've shown you each day, the 18-day [moving] average in red keeps moving higher. Yesterday, it was $2127. Today, it's $2133. After it'll be near $2140. It doesn't have to go there, but that's the logical first support should the break continue.
As for the resistance, it's way up here at the $2237 level and you've lost the upside momentum.
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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.