If you look at the gold market, it's backing off a little, you're now down about 1.39% for the week. The market got up and we knew we'd see some resistance in the $2450. That was the old high. We talked about that here and you're backing off. You haven't broken the uptrend, you'd have to get under these lows to do that – and the first support's right in front of you at $2359.
When you look at the market and momentum, you've lost the bullish embedded momentum, which says that price and the 18-day average unlikely to come together. When you look at the gold silver ratio, silver at some point here has got to have a correction. I mean, it's gone from over 86 to the 75 level. So you lost 11 ounces that you'd save in getting and flipping silver for gold. It's due to correct and you can see a little bit there...
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.