When I look at the gold market, you can see that the market gave you a little bit of a bounce. You're up $24 early on. The market is still stuck in the next level that we had been. Remember I told you to think of this as your first level, then you fell down to this one, and you're void of a trend. You're no longer in the pattern of lower highs lower and lows.
Now you have a higher high and a lower low; [gold] ended that downtrend pattern. Now, the goal is, can the market get up to the 18-day average and what does it do there? If you believe there's going to be an upside in the market, it held the lower Bollinger Bands, and looking back at it, it's correcting an oversold market. Is it trending? It is not.
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.