When we look at gold on its own, it's certainly not acting in a bullish mode just yet. The pattern we have is one of the lower low and a higher high. That's not an uptrend that this point in time and the battleground when you put on the bar chart instead of just close-only chart, you get to see where the market's fighting – it's fighting in the neighborhood of the 18-day [moving] average and just above, it is the one 100-day [moving average] and we've had a bearish crossover where the 18-day has gotten under the green.
Recently, it was the flip-flop, but remember, we're into the action already tonight and you're getting a bearish crossover in that market. But [if it] stays down one of the potential numbers, that might go to the $2590 level to get away from this. The market's got to get back over the $2681 level in order to convince the market, there's more upside left in this and maybe it can make a run to the upper Bollinger Band.
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.