In the gold, you can see, you've been coming down. You're down almost three percent for the week: 2.62 percent, down $90 an ounce. This is just what I want to see happen. You've had a pattern of a lower low, then a higher high, and a reaction. The key is really not to get back under these lows, to come down and find some support in this general area. You can see the higher high and lower low on the swing line.
The resistance up here, and the Bollinger Band top and down here, at $3333.70. So we'll see if the market can do anything there, and the momentum is pointing down. But are you trending? No. A higher high and lower low is not a trend. The lower high, lower low would be a trend, but that's not the position you have right now. It wouldn't bother me if it happened.
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.