Right now at this point, gold is down one and a half percent for the week. It could afford the fall on a closing basis, all the way to $2475, and no I'm not saying it's going to, but it can afford to. When we take a look at what the market's doing here, you've entered a downtrend status of lower highs, and lower lows. Now, this is so strange, this is what I thought was going to happen about three weeks ago. The September month was going to be a down month, I was hoping it would be for the gold and the silver. Instead, it's turning out to be right in this time frame. Everything seems to have moved over a couple of weeks, that's something I can't get away from noticing.
This is the first moves that you've had, two of them now, where you're under the 18-day average of closes. So the trend is down, and the bias is down. Near-term support comes in at $2589 and a half the lower Bollinger Band, with the resistance at $2651.80. Momentum, which told the story of this market when it lost its embedded reading, it headed down, and it's still, in fact, doing that; you might be going to that number.
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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.
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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.