When we look at the gold market, if we finish right here, we're just about an all-time high close. You're down from it about seven-tenths; okay, that's not very big. You've come up pretty good. Now, this was just interesting as can be you know you learn from things, and that's the beauty of it. So, this past Wednesday, you had a market with an outside day up. What it should not do is take out the low of an outside day. So the market didn't take it out today so the trend is still up, market coming up.
Let's go to the next step. The swing line has got higher lows, and higher highs — bullish. The market support comes in right here at $2562.80. We're sitting and we have been sitting at this $2600 level for a while, and the reason is you're fighting with the Bollinger Bands right there. That's a big number at this point, and it's a problem number for the market.
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.