When we look at the gold market, it's up about 1.38%. Now you can see how the market is sat here and obviously, you can see it didn't really go down all that much. When you look at a closing chart, [gold] did come down here from the $2475 level into a $100-an-ounce break.
It got into the $2340s and it's just sort of sitting here right now trying to figure out the next move. In order to say the market is out of the downtrend, it's got to take the swing line high out here. It's not far from another $10. Probably does the job in the marketplace but that brings it then up to $2387. That's why I said about $10 which is the 18-day average of closes and that's where your battleground is because the attack of it now is going to be the question:
Can you get up and stay over it? Or does it get to get there and find another brick wall waiting for it? That'll be what we all have to look at.
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.