So when I look at the gold market, we're down for the week a quarter of a point; that isn't very much at this point. The market has been consolidating right through here. The pattern is one of higher lows, we've had higher highs at this point. The market hasn't tried to make a run back to the 18-day average for the main support.
Which means if it doesn't really get through this $2156 level, where might it go? Well, the upper Bollinger Band's at $2231; roughly, that is the logical spot and as long as you have this embedded, reading on breaks like this is where I think the pros are telling clients, taking your shot at the market, you don't want to see it get through there and you don't want to lose that embedded reading.
This to me is more important than taking out the $2156 as long as that stays embedded. I think you get the people that want to buy everything.
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.