In the gold market, I can still make an argument that you get a pullback here.
The 18-week average of support has been a big supporting number. l can make that that it could go there when we look at the action right here and you put the swing line on it. You now have a downtrend with lower highs and a lower and low. Where's the battleground? Right here – The 18-day average, it hasn't changed from yesterday. You made the higher high, you fell back and you took out yesterday's low putting that fully into play.
The resistance is at the upper Bollinger Band. This supports a combination of the 100-day average and the lower Bollinger Band... momentum is pointing down. So, momentum is down for the moment, bias is down, and you can slip a bit here in order to negate this. You don't want to take out $2385.20. If that is taken out, you can't negate this pattern right away. You can negate it by not taking that out...and if the market were to get over $2433, I think you'd get an all-out buy Signal in the market.
in fact
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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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