When we look at the gold market on a weekly chart, the market is still staying here at all-time highs on a closing basis. You do see that – very impressive. When we look at this chart and you put swing lines on, the game changed today. Now, you have higher lows and a higher high with today's action.
So you're back up into what's defined as a bull trend: higher highs and higher lows. Now the key to the uptrend is the 18-day average of closes. The market has to be over it and it is right here.
So what I think you're going to do is you're going to see traders buying the market, it's my guess: $2454.80, stops under the lows here that we made two days ago, and give it to exactly where it's at...this low: $2418 and from there, what I look for the market to do then is see if it can hold that and work its way higher.
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.